QBA asks Qatar businesses to explore investment prospects in Uzbekistan; potential seen in agriculture, mining and energy

The Qatari Businessmen Association (QBA) on Sunday asked its members to explore the investment climate in Uzbekistan and invest in potential opportunities, especially in the sectors of agriculture, mining and energy.

This was conveyed by QBA chairman HE Sheikh Faisal bin Qassim al-Thani at a meeting with Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan. The visiting delegation also included about 20 officials, including the Deputy Minister of Health, the Deputy Minister of Transportation, and a number of governorate deputies and government institutions.

Terming the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani last year to Uzbekistan as an important step towards establishing a new phase of joint economic and trade co-operation between the two countries, Sheikh Faisal said since then joint work and co-ordination has increased between Doha and Tashkent to encourage the private sector on both sides to launch investment projects, which contribute to increasing the volume of trade exchange and supports bilateral relations.

Sheikh Faisal stressed the importance of strengthening co-operation between Qatari and Uzbek companies and establishing trade and investment alliances that contribute to enhancing trade exchange between the two countries, which is still "modest".

Highlighting Uzbekistan's keenness to strengthen these ties in various fields, Kudratov said there was a need to intensify the Qatari-Uzbek business forums in Tashkent and Doha, to present investment opportunities and discuss the different means to increase trade co-operation between the two countries.

The minister said many major companies from various countries of the world have begun to come to Uzbekistan and invest in various sectors, with direct investments reaching about $22.4bn in 2023.

Kudratov reviewed his country's vision for the year 2030, which aims to attract about $250bn in foreign direct investments, as the economy is witnessing a significant 7% growth.

Stressing the attractive incentives Tashkent offers to foreign investors, including tax exemption in free zones, in addition to a free market of 300mn people in neighbouring countries, the minister called on Qatari companies to invest in Uzbekistan and export products to the Gulf and other markets in Asia since Uzbekistan is located in the heart of Central Asia.