Uzbekistan to expand investments in renewable energy

The Ministry of Investment, Industry and Trade, the Ministry of Energy of the Republic of Uzbekistan and the UAE Ministry of Investment signed a Memorandum of Understanding (MoU) aimed at developing investment cooperation in priority sectors of the economy, including the production, transmission and distribution of renewable energy.

The ceremony was attended by Laziz Kudratov, Minister of Investment, Industry and Trade, and Djurabek Mirzamakhmudov, Minister of Energy, from the Uzbek side, and Mohammed Alsuwaidi, Minister of Investment of the UAE, from the Emirati side.

Thanks to the signed document, a solid foundation is being created for attracting investments, implementing joint research programs, and exchanging technical knowledge, skills and experience between government agencies, regulatory authorities and private sector enterprises of both countries. The forms of cooperation provided for in the agreement include the identification, exchange and evaluation of projects and investment opportunities for the production of wind, solar, hydroelectric power plants, and the construction of storage facilities for generated energy.

To ensure the effective implementation of the document, a joint plan for further measures will be developed, including specific mechanisms and responsible structures for its timely implementation.