An agreement has been inked between the Uzbek Ministry of Investments and Foreign Trade and DP World to develop the country’s trade networks and to enhance international trade. Increased trade and digital infrastructure development will be a result of this partnership between the corporation and the government of Uzbekistan. Uzbekistan’s trade networks will be strengthened and DP World will be positioned as a strategic partner in boosting international trade by signing this agreement. As part of a new inland logistics network and Navoi Free Economic Zone (FEZ) growth, new e-commerce and fintech platforms will be launched, as well as a streamlining of customs operations, according to the press release from DP World, a subsidiary of the Dubai-based company. Trade and logistics stakeholders can access services like dry ports, logistics parks, ICDs, railway stations, and depots via CARGOES’ sophisticated Port Community System.
Because of the country’s consistently high rate of economic growth, long-term investments are likely to find Uzbekistan to be a very attractive option. “We are excited to collaborate with the Ministry of Investments and Foreign Trade to promote economic growth and prosperity for the people of Uzbekistan,” said Sultan bin Ahmed Sulayem, group chairman and CEO of DP World. “We will leverage our capabilities in trading, logistics, infrastructure, and digital technology,” he added. “We look forward to working with the Ministry of Investments and Foreign Trade.”
In order to supply its customers in and around Tashkent’s major distribution and consumption hubs with effective solutions, DP World is planning to construct an innovative inland logistics network that will be connected by rail and road. Within one of Uzbekistan’s recently created Special Economic Zones, the company intends to develop a greenfield site that will be one hundred hectares in size and connected by road and rail.
According to the press release, the agreement will see DP World become a strategic partner for the expanding Navoi Free Economic Zone (FEZ) and the connectivity of the Navoi air cargo terminal linking it to major international hubs. This will leverage the company’s expertise in developing, owning, and operating the Jebel Ali Free Zone (JAFZA), which is the world’s largest free zone, which is located in Dubai.
Our agreements that were signed today will help to the creation of a trading ecosystem in the country that is on par with the best in the world, which is in line with DP World’s stated goal of becoming a strategic trade partner for Uzbekistan. Since the economy of Uzbekistan is growing at such a quick rate, the country is becoming an increasingly attractive location for investments with a longer-term horizon. “We are excited to collaborate with the Ministry of Investments and Foreign Trade to promote economic growth and prosperity for the people of Uzbekistan by leveraging our capabilities in trading, logistics, infrastructure, and digital technology,” Sulayem added. “We look forward to working with them.”
The MIFT and DP World came to the conclusion that the company would lend its expertise to the development of a consumer e-commerce platform by drawing on its experience with the launch of DUBUY.com. DUBUY.com was an online marketplace that allowed small and medium-sized businesses and microbusinesses to expand their operations and enter new markets. The company’s goal is to transform itself into the most well-known online shopping destination in the region with the assistance of the cutting-edge technology provided by DP World.
The new e-commerce platform will be supplemented with a consumer finance platform in order to give customers access to banking and financial services via their mobile devices. This platform intends to become the consumer payment method of choice by facilitating peer-to-peer lending and payment options that are faster, less expensive, and more dependable than traditional methods.
Reference:
“Uzbekistan, DP World Sign Framework Agreement for International Trade.” Fibre2fashion.com, https://www.fibre2fashion.com/news/textile-news/uzbekistan-dp-world-sign-framework-agreement-for-international-trade-277962-newsdetails.htm.
