Azernews.Az

By Abdul Kerimkhanov

Phoenix Agro Industry and Trade Company CA (UAE) plans to enter the Uzbek market, Uzbek media reported.

This became known following the negotiations with representatives of the UAE company, which took place in the State Investment Committee.

Phoenix Agro Industry and Trade Company CA is a global agri-food group engaged in manufacturing, supplying, processing and selling through an integrated supply chain. The company is engaged in projects in more than 20 countries around the world, including Ukraine and Russia. Today, there is an active expansion of cooperation with the countries of Central Asia, for example, more than $130 million have been invested in Kazakhstan.

"In connection with the favorable conditions for investment created in the country, the company expressed a desire to invest in Uzbekistan, in particular, in the cultivation and processing of agricultural products," the State Investment Committee said.

During the talks, the need to introduce the most advanced technologies in the agrarian sector of Uzbekistan was noted in order to increase crop yields, in particular, new types of equipment, innovative agricultural technologies, and crop rotation practices.

Representatives of Phoenix Agro Industry and Trade Company CA expressed their intention to invite the world's leading agronomists to Uzbekistan to study the land plots allocated for investment, as well as to hold a training seminar for interested farmers of the republic.

Diplomatic relations between Uzbekistan and the United Arab Emirates were established on October 25, 1992.

Uzbekistan and the United Arab Emirates have created a joint fund of foreign direct investment worth $ 1 billion on October 3, 2018.

Currently, Uzbekistan has more than 90 enterprises established with the participation of UAE investments, 36 of them with 100 percent UAE capital.

Uzbekistan's main exports consist of raw cotton fiber, silk, agricultural products and services. Import from the UAE consists of mechanical and electrical equipment, coffee, tea, furniture, plastics and rubber products, vehicles, clothing and sports equipment.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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