New cooperation opportunities unveiled in Al-Kuwait

As part of the official visit of the President of Uzbekistan, Shavkat Mirziyoyev, to Kuwait, the Uzbekistan-Kuwait Business Forum was held. The event brought together representatives from key ministries and departments of both countries, as well as leaders of industry associations, major companies, and financial institutions. The delegations were led by Uzbekistan's Minister of Investments, Industry, and Trade, Laziz Kudratov, and Kuwait's Chamber of Commerce and Industry Chairman, Rabah Al-Rabah.

Before discussing the forum in detail, let’s first look at some key figures that highlight Kuwait’s economic potential. 

In 2023, Kuwait's foreign trade turnover reached $121.5 billion. According to the Arab Investment Guarantee and Export Credit Corporation, Kuwait ranks fifth among the largest exporters in the Arab region. The country mainly exports crude oil, petroleum products, hydrocarbons, and natural gas to China, India, South Korea, and Japan. It imports cars, gold, jewelry, pharmaceuticals, electrical equipment, sheep, goats, iron pipes, food, agricultural, and textile products. 

Kuwait has a sovereign wealth fund valued at $527 billion, with a mandatory system that transfers 10% of oil revenues to the fund. The country also invests in industries such as food production, water desalination, construction, electronics, cement, and mineral fertilizers. 

Despite 8.5% of Kuwait’s total land being agricultural, only 0.6% is arable, creating significant challenges for food security. As a result, nearly 95% of the country’s agricultural products are imported, presenting an opportunity for foreign producers. Large Kuwaiti investment companies could invest in Uzbekistan to grow livestock, fruits, and vegetables for export to Kuwait. 

Located on the Persian Gulf coast, Kuwait plays a key role in regional trade. Transport and logistics are also promising areas of cooperation between Uzbekistan and Kuwait. The establishment of an Uzbek-Turkmenistan-Iran-Iraq-Kuwait transport corridor is currently under discussion. 

Kuwait’s economic growth slowed by 2.8% last year, primarily due to its heavy dependence on oil, which is subject to price fluctuations. To diversify the economy and develop Kuwait as a regional trade hub, the government launched the Kuwait Vision 2035 program. The country’s foreign investments now exceed $100 billion, with stakes in major global companies such as British Petroleum, Total, General Motors, IBM, Kodak, and Sony. 

Kuwait ranks fourth among Arab countries and 41st globally in the investment component index, improving by two places compared to 2022. According to the Global SWF organization, Kuwait’s total sovereign assets are approaching $1 trillion.

At the business forum aimed at attracting investments from this country and strengthening ties between the businessmen of both nations, Minister Laziz Kudratov highlighted Uzbekistan's economic potential to the hosts. He emphasized that the country offers the most favorable conditions for foreign investors, including various privileges and preferences, simplified business procedures, an ongoing privatization program, and numerous free economic zones with developed infrastructure. Additionally, Uzbek products can enter the markets of the CIS and the European Union duty-free.

Uzbekistan's economy has nearly doubled in recent years. In 2024 alone, GDP grew by 6.5% to reach $115 billion, while foreign investment increased 1.6 times to $34.9 billion. The country has also adopted an ambitious strategy aimed at increasing its GDP to $200 billion by 2030, achieving above-average income status, attracting $110 billion in annual foreign direct investment, and reaching $45 billion in exports.

In turn, Rabah al-Rabah, head of the Kuwait Chamber of Commerce and Industry, called on businessmen to deepen cooperation, assuring each other of their readiness to support new projects and initiatives.

Kuwaiti businessmen were interested in the opportunities for doing business in Uzbekistan and received answers to their questions. The Uzbek delegation, led by the Minister, demonstrated at the forum that it is open to communication 24/7.

The business forum continued in the "B2B" and "G2B" formats, where businessmen from both countries discussed joint projects and the mutual supply of goods.

Businessmen from Uzbekistan introduced Kuwaiti businessmen to the products they produce.