The relations between the UAE and Uzbekistan are steadily developing and have attained the strategic level over the last years. The friendly relations between the President of the United Arab Emirates H. H. Sheikh Khalifa bin Zayed Al Nahyan, the Prime Minister of the UAE and the Ruler of Dubai H. H. Mohammed bin Rashid Al Maktoum and the President of the Republic of Uzbekistan H.E. Shavkat Mirziyoyev serve as a favorable driver for the progress in bilateral relations between the two states.
Despite the hurdles that the countries are facing due to the Covid-19 pandemic, UAE and Uzbekistan continue developing collaboration in the number of different fields. Currently, joint investment projects totaling nearly US$ 4 billion are being implemented with the participation of Masdar, Mubadala, DP World, the Abu Dhabi Development Fund and other UAE companies. The investment cooperation covers traditional and alternative energy, infrastructure, chemical industry, agriculture, transport and logistics. The progress of the projects is under personal supervision of the leaders of two countries that confirms the strategic nature of bilateral relations.
The trade turnover between the UAE and Uzbekistan has grown by more than 1.5 times over the last three years. According to the UAE statistics, total non-oil trade between the UAE and Uzbekistan significantly increased by 113 % from 2018 to 2019, reaching US$ 689 million in 2019. This increase is attributed to the increase in the UAE’s imports from Uzbekistan, which increased by 2,295 %, from US$ 15.17 million in 2018 to US$ 363 million in 2019.
According to the official statistics of the Republic of Uzbekistan, the trade turnover between Uzbekistan and the UAE in 2020 made up US$ 209.3 million, having decreased by 15.3% year-on-year. The decline in bilateral trade figures in 2020 is mainly attributed to the Covid-19 pandemic.
As of 1 January 2021, over 150 companies with the UAE capital operate in Uzbekistan, including more than 75 joint ventures and nearly 76 foreign enterprises with 100% UAE capital.
