UAE, Uzbekistan explore opportunities for strengthening cooperation and developing partnerships in the areas of new economy, tourism, entrepreneurship & circular economy

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with H.E. Aziz Abdel Hakimov, Minister of Environment, Environmental Protection and Climate Change and responsible for the tourism portfolio of Uzbekistan, and his accompanying delegation. It explored opportunities for cooperation and the development of partnerships in the areas of new economy, sustainability, circular economy, entrepreneurship, and SMEs.

H.E. Bin Touq emphasized that the UAE-Uzbekistan relations are strong and characterized by continued growth in various fields, historical ties, geographical proximity, and shared cultural and Islamic values.

H.E. Bin Touq said: “Both our countries boast geographical locations through which key markets in Asia and Africa can be accessed. In addition, both markets offer numerous promising opportunities in new and sustainable economic sectors that can be leveraged to build more economic partnerships at the government and private sectors, thus elevating our existing partnership to new levels.”

He added: “Our meeting with the Uzbek delegation is an important step forward in strengthening economic cooperation, facilitating dialogue at the private sector level and unlocking new avenues for efforts that support bilateral cooperation in economic sectors of shared interest.” He noted that the meeting is particularly important as it comes ahead of the UAE’s hosting of COP28 in Dubai from 30 November to 12 December 2023.

The meeting discussed strengthening of cooperation and exchange of experiences and expertise on sustainable policies for tourism, entrepreneurship, and SMEs development, in addition to exploring opportunities in these sectors that are key to economic growth.

Furthermore, H.E. Bin Touq reviewed the advantages offered by the UAE’s business environment to investors and business owners. These include the substantive amendments to the Commercial Companies Law to create a flexible business environment for investors, allowing 100 per cent foreign ownership in all economic sectors. The country further launched the Golden Visa System for several categories with residency periods ranging from 5 to 10 years, thereby supporting the attraction of business owners, competencies, and talents. The UAE offers an ideal work environment for investors and entrepreneurs from around the world with considerable flexibility to do business in various emirates, including free zones, along with advanced and distinct infrastructure facilities.

The Minister of Economy also elaborated on the UAE’s efforts in promoting sustainable development and achieving climate neutrality through the launch of several initiatives, strategies and programs. This includes the UAE Circular Economy Policy 2031 to promote the transition towards a circular economic model. It will be achieved through the development and implementation of 22 circular economy policies in four key sectors such as manufacturing, food, infrastructure and transport, thus enhancing the UAE’s position as a global hub for circular economy.