Economic Cooperation

Economic cooperation

Economic cooperation between Uzbekistan and Kuwait

Under the Agreement on Trade, Economic and Scientific-Technical Cooperation signed on January 19, 2004, a Joint Intergovernmental Commission was organized between the two countries.

Manager for Central and Eastern Europe of the Kuwait Fund for Arab Economic Development - Yusuf al-Badr, Vice President of KAMCO Investment Co. - Harish Kumar Chopra, Business Development Manager of Qurain Petrochemical Industries Company – Muhammad Al-Nasir, CEO of the Kuwait Investment Co. - Fawaz Suleiman Al Ahmad and First Deputy CEO Talal Suleiman Al-Fahad participated at the International Investment Forum in Tashkent on November 5-6, 2015.

On February 7-10, 2017, a delegation of representatives of economic structures of Uzbekistan visited Kuwait. During the visit, negotiations and meetings were held with the leaders of the Kuwait Fund for Arab Economic Development, KIPCO Holding, Kuwait Investment Agency, Kuwait Investment Company and Kuwait Oil Corporation. The Uzbek-Kuwaiti business forum was organized at the Kuwait Chamber of Commerce and Industry.

On March 11-14, 2017, a delegation led by the Executive Director of the Uzbekistan Fund for Reconstruction and Development R.Gulamov visited Kuwait.

Also were organized visits of Vice President of KIPCO Holding Group - Faisal Al-Ayyar (May 3-7, 2017), Burgan Bank Kuwait (December 2017), CEO of the Kuwait Investment Co - Fawaz Suleiman Al Ahmad (May 7-13, 2017 and November 2018) ), Al-Amakin Al-Alamiya Co (November 2018 and January 2019) and Executive Chairman of Al-Shaya Co. Mohammed Alshaya (February 2019) to Uzbekistan.

Representatives of Kuwaiti companies participated in the International Investment Forum "Invest in Namangan", which took place on May 5-6, 2019.

From June 27, 2021, Kuwait's Jazeera Airways launched regular flights to Uzbekistan, Al-Kuwait-Tashkent-Al-Kuwait.

Minister of Finance of Kuwait Khalifa Musaad Hamada and representatives of the Kuwait Fund for Arab Economic Development attended 46th Annual Meeting of the Board of Governors of the Islamic Development Bank which took place in Tashkent on September 2-4, 2021.

Kuwait's Al Shall, Al Safwa Security and Defense Systems Company, NEOCARE, KOT Medical and Hawazin Regional Trading Co. representatives participated in the Tashkent International Investment Forum on March 24-26, 2022.

Uzbekistan has been actively cooperating with the Kuwait Fund for Arab Economic Development since 1997. Large social projects in the fields of health, education and infrastructure are being implemented in Uzbekistan at the expense of soft loans from Kuwait. To date, the Government of Uzbekistan and Kuwait Fund for Arab Economic Development have signed 10 Loan agreements worth $ 213.2 million and  4 technical assistance agreements worth $ 2.5 million were signed.

In recent years, trade relations between Uzbekistan and Kuwait have been steadily developing. In particular, the trade between the two countries in 2020 will reached 1.2 million. The country's exports amounted to 1.14 million US dollars. In 2021, the bilateral trade was $903.9 thousand, and Uzbek exports amounted to $ 841 thousand.