The business networking meeting cum reception for the visiting delegation and Dubai Chamber’s members aimed at fostering the development and diversification of economic cooperation and the widening of commercial exchanges between the two sides’ trading houses especially in the area of agricultural produce.

Uzbekistan being one of the largest producers of cotton is now planning to sell the crop on the Dubai Multi Commodities Exchange. According to Saidakbarovich the climatic condition of his country is favourable for agricultural produce that enjoys a competitive advantage for its organic quality. Dominating the agricultural sector in Central Asia, Uzbekistan has the resources to produce over 10 million tons of fruits and vegetable per annum, with its export figures of 2 million tons attracting over US$100 million business.

The visiting minister also informed that there are 67 Uzbekistani partnership companies operating in Dubai while the prospective sectors for investment in Uzbekistan are oil and gas, mining and quarrying, textile, construction material, chemicals, electronic engineering instruments, food, meat, milk, fat and oil, and fruit and vegetable processing.

He also pointed out that Uzbekistan Airways can provide air logistics to deliver the fresh produce within three hours to the UAE. Three flights a week (5-10 tons per flight) to Sharjah and Dubai can be organised, he said. The Deputy Minister also informed the meeting that chartered flights would be operating on reduced charges to help keep prices reasonable. He mentioned that his country’s exporters were very keen on entering the UAE market which they find very lucrative.

Al Ghurair assured the visitors that the Dubai Chamber helps its members to access new business markets, to discover new investment opportunities and to establish strategic partnerships with their counterparts all over the world and advised the delegation to participate in Dubai exhibitions to further their market presence in the area.

Uzbekistan’s GDP per capita stood at US$2,300 at the end of 2007 and the country is now the world’s second largest cotton exporter and fifth largest producer as it relies heavily on the production of ’white gold’ as a major source of export earnings. Other major export earners for the country are gold, natural gas and oil.

The top five items of Dubai’s import from Uzbekistan in 2006 included base metals and related products; textiles; vegetable products; prepared foodstuff and chemicals. Meanwhile the top five items of Dubai’s export & re-export to Uzbekistan in 2006 were machinery; electrical and electronics equipment; vehicles, aircraft and transport equipment; miscellaneous manufacturing items; furniture; toys; sports requisites; textiles and prepared foodstuffs.

Dubai shares a long-time trading relationship with Uzbekistan as Dubai’s non-oil trade with the country reached AED 323.5 million at the end of 2007 with imports touching AED 26,738,929 and export/re-export reaching out to AED 296,768,949 as the country ranked number 88 in a list of Dubai’s trade partners in 2007. The two sides have earlier signed an agreement of cooperation way back in 1997 and one in February this year.