On the Visit of the Minister of Finance of the Kingdom of Bahrain Sheikh Ahmad bin Muhammad

Al-Khalifa to Uzbekistan

On June 3-6 this year the Minister of Finance of the Kingdom of Bahrain Sheikh Ahmad bin Muhammad Al-Khalifa visited Uzbekistan.

In the course of his stay in Uzbekistan Sheikh Ahmad bin Muhammad Al-Khalifa was received at the Oksaroy Residence by President of the Republic of Uzbekistan Islam Karimov. During the top-level talks, President Islam Karimov noted that the visit of the minister of finance of the Kingdom of Bahrain testified to the fact that the two countries shared mutual interest in developing the bilateral cooperation.

The relations with Arab states are among priorities of Uzbekistan’s foreign policy. In this context, the cooperation with Bahrain acquires yet more important meaning. In its turn, Bahrain also highly values its cooperation with Uzbekistan. Uzbekistan, which possesses enormous economic potential, is the main guarantor of security and stability in the Central Asian region. The cooperation is developing in the conditions of peace and stability.

The two countries have established the regular consultations between foreign ministries. This allows them to render support to one another on the international arena.

Speaking about the economic cooperation, it is worth noting that the existing potential has not been fully utilized, yet. Among the prospective directions are the oil and gas processing, petrochemical sector, banking and financial sector, agriculture and tourism.

Thanks to the highly developed transport communications system, several transnational corporations have established their offices in Bahrain. For example, branches of more than 80 foreign banks operate in the country. The income raised from their financial operations makes up 20 percent of the country’s GDP. Developing the cooperation with Bahrain will allow Uzbekistan widen its connections with large firms, companies and banks.

In the course of the visit, the Bahrain delegation held talks at the State Tax Committee. The sides noted that Uzbekistan has been efficiently implementing the large-scale reforms on enhancing the tax policy. Annual relief of tax burden, preferences granted to small business and private entrepreneurship, as well as the foreign investors serve as an important factor of economic development.

The members of Bahrain delegation highly assessed Uzbekistan’s efforts on creating the favorable investment climate for foreign investors, necessary conditions and preferences, rendering the state-level support to the economic cooperation of mutual interest. The sides also shared their views on how to enhance the bilateral agreements in the sphere of taxation, establish cooperation in training Bahrain cadres in Uzbekistan in the sphere of taxation, in particular, enrolling the Bahrain students at the educational institute of the State Taxation Committee of Uzbekistan.

The delegation also held talks at the Chamber of Commerce and Industry of Uzbekistan. The sides noted that currently the level of trade and economic ties did not meet the potential of our countries. In this context, the sides emphasized the need to take the practical steps in terms of enhancing the trade. Sheikh Ahmad bin Muhammad Al-Khalifa underscored that his country was interested in purchasing from Uzbekistan marble, building materials, furniture, rugs, chemical fertilizers and so on. Upon conclusion of talks, the commerce and industry chambers of the two countries inked the Memorandum of Understanding.

The delegation also held meetings at the ministries of finance and foreign economic relations, investments and trade of Uzbekistan, where they have discussed the issues of developing the cooperation in various areas of mutual interest.

In Tashkent the delegation also visited the Khazrati Imam Complex (Khastimom) and the State Museum of Temurids history and examined the exhibits on the life of Amir Temur and his descendants.

On completion of the visit, the members of the delegation noted that the meetings and talks held on the Uzbek soil would serve to the further advancement of bilateral cooperation for the benefit of people of two countries.