Oman, Uzbekistan to expand trade and investment ties

MUSCAT: Economic relations between the Sultanate of Oman and Uzbekistan are entering a new phase of growth, driven by strong political will and a shared ambition to expand trade, investment and strategic partnerships across several sectors.
The upcoming state visit of Uzbekistan President Shavkat Mirziyoyev to Oman on November 16 is expected to provide fresh momentum to bilateral cooperation, particularly in trade, industry, transport, logistics, food security and tourism.
Diplomatic relations between the two countries were established on April 22, 1992, building on historical and commercial connections dating back to the Silk Road. Cooperation has expanded in recent years through agreements covering investment protection, avoidance of double taxation, trade and economic cooperation, and air services.
The Omani-Uzbek Investment Company, established through a partnership between Oman Investment Authority and Uzbekistan's Fund for Reconstruction and Development, has a capital of RO76.9 million ($200 million) and invests in sectors including industry, financial services, logistics, infrastructure and real estate.

Cooperation in logistics has also gained momentum. In October 2024, Asyad Group and Uzbekistan's Ministry of Investment, Industry and Trade signed an agreement to explore opportunities involving dry ports, railways, warehouses, air freight and e-commerce.
In another significant development, Oman Air launched its first direct flights between Muscat and Tashkent in July 2026, operating twice weekly. The route is expected to facilitate business, investment and tourism exchanges.
The sixth session of the Omani-Uzbek Joint Committee is scheduled to be held in Muscat on Sunday, following its fifth session in Tashkent in June 2025. Previous discussions focused on increasing air transport operating rights and facilitating the re-export of Uzbek products through Omani ports.
Statistics from the National Centre for Statistics and Information show that bilateral trade increased from RO286,000 in 2024 to RO1.186 million. Trade during the first eight months of 2026 reached RO1.154 million.
Omani exports to Uzbekistan in 2025 included household and musical instruments and personal luggage, while imports from Uzbekistan comprised floor coverings, textiles, clothing, fabrics, food products and cosmetics.
Uzbek investments registered in Oman increased from RO2.564 million in 2024 to RO2.909 million in 2025, involving 57 companies. Their main areas of activity included trade, construction, manufacturing and professional services.
Anwar bin Hilal al Jabri, Minister of Commerce, Industry and Investment Promotion, said President Mirziyoyev's visit marked an important milestone in bilateral relations and reflected the leaderships' determination to expand cooperation.

He said the visit offered an opportunity to utilise the economic strengths of both countries and establish partnerships benefiting the public and private sectors.
Al Jabri described Uzbekistan as a promising economic partner in Central Asia, highlighting its industrial base, natural resources and strategic geographical position. Oman, meanwhile, offers an attractive investment environment, advanced infrastructure, ports and competitive economic and free zones.
He stressed that cooperation should move beyond conventional trade towards productive and industrial partnerships, joint projects, technology and expertise exchange, and stronger business presence in both markets.
The minister said priority should be given to expanding the range of traded products, improving market access and facilitating procedures for exporters and importers. He also highlighted opportunities in manufacturing, food processing and industries linked to natural resources.
He added that the Joint Committee would continue to play a central role in identifying priorities, coordinating government efforts and addressing obstacles facing investors and exporters.
For his part, Laziz Kudratov, Uzbekistan's Minister of Investment, Industry and Trade, said economic relations were developing rapidly, supported by the shared political commitment of His Majesty Sultan Haitham bin Tarik and President Mirziyoyev.
He noted that the past two years had witnessed intensified engagement, including the expansion of logistics cooperation and the launch of direct flights between the two capitals.
Kudratov said bilateral trade exceeded $3 million during the first eight months of 2026, representing an increase of more than three and a half times compared with the corresponding period last year. The figure also surpassed the total trade recorded throughout 2025.
He added that the Omani-Uzbek Investment Company, known as UzOman, had invested more than $256 million in sectors including building materials, logistics, retail, hospitality, education and agricultural chemicals.
The two countries are also working to advance a joint portfolio of around 35 projects worth more than $5 billion, with the objective of translating these opportunities into operational investments.
Kudratov said Oman's strategic location and ports in Suhar, Al Duqm and Salalah, together with its free zones and economic agreements, offered Uzbek companies access to markets across the Gulf, South Asia and East Africa.
He identified food products, textiles, building materials and electrical equipment as promising areas for cooperation. Other priority sectors include food security, agro-industries, chemicals, petrochemicals, transport, logistics, banking, pharmaceuticals, healthcare, tourism and hospitality.
He said Oman could serve as a regional gateway for Uzbek businesses through distribution centres, warehouses, processing and packaging facilities, and re-export operations.
Uzbekistan, meanwhile, offers investors access to raw materials, skilled workers and Central Asian markets. The country has 34 special economic zones, more than 400 small industrial zones and 27 technology parks, alongside tax and customs incentives for investors.
Kudratov said Uzbekistan attracted more than $43 billion in foreign investment in 2025, an increase of 24 per cent over 2024. Omani citizens can visit Uzbekistan without a visa for up to 30 days.
Existing cooperation has already produced tangible projects. UzOman has participated in financing a $75 million plant in the Tashkent region for producing crop protection materials and fertilisers.
In logistics, dry ports in Tashkent, in which Asyad Group and its partners acquired majority stakes, handle around a quarter of Uzbekistan's rail freight container traffic.
The two sides are also discussing joint projects in food processing. Uzbekistan has export potential in fresh and dried fruits, vegetables and processed foods, while Omani fish, seafood and dates offer opportunities in the Uzbek market.
Tourism is another promising area, with direct flights expected to encourage exchanges and investment in hotels and hospitality. Uzbekistan's historic cities of Samarkand, Bukhara and Khiva, as well as mountain resorts near Tashkent, offer attractive destinations for Omani visitors.

Kudratov said the two countries were preparing a preferential trade agreement and an updated investment protection agreement to strengthen the legal framework for economic cooperation. Efforts were also under way to translate existing agreements and memoranda of understanding into an implementation road map with specific projects, timelines and responsible institutions.
Sayyidah Wafa bint Jabr al Busaidi, Oman's Ambassador to Uzbekistan, said the November 16-17 state visit would provide an important opportunity to deepen political consultations and advance economic and investment cooperation.
She said several agreements and memoranda of understanding covering political, economic, developmental and cultural fields were expected to be signed during the visit.
The ambassador highlighted the importance of strengthening links between the two business communities and using direct air connectivity to stimulate trade and tourism.
Abdul Salam Hatamov, Uzbekistan's Ambassador to Oman, said the visit was expected to elevate bilateral relations to a new level and establish stronger foundations for cooperation.
He said discussions would focus on political dialogue, trade, investment, transport and logistics, with a number of agreements expected to provide fresh opportunities for partnership.
The private sector is also expected to play a major role in translating bilateral commitments into practical projects.
Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, said the visit offered an opportunity to expand trade and investment ties and create new opportunities for companies in both countries.

He stressed the importance of stronger communication between business communities through bilateral meetings, business forums and trade delegations.
Al Rawas said the chamber would continue working to connect business owners and institutions, raise awareness of investment opportunities and encourage sustainable partnerships.
Both countries are seeking to build on their historical friendship and growing economic engagement to establish a more diversified and integrated partnership, with the private sector playing a central role in delivering tangible benefits.
SIX KEY POINTS
1. Trade on the rise: Bilateral trade exceeded $3 million during the first eight months of 2026 2. In the pipeline: The two countries are working to develop around 35 joint projects worth more than $5 billion.
3. Logistics cooperation: Asyad Group and its Uzbek partners have acquired majority stakes in two logistics companies in Tashkent.
4. Improved connectivity: Oman Air launched twice-weekly direct flights between Muscat and Tashkent in July 5, 2026. Investment opportunities: Food security, agro-industries, manufacturing, chemicals, transport, logistics, tourism, healthcare and pharmaceuticals.
6. Business ties: UzOman invested more than $256 million in sectors including building materials, logistics, retail, hospitality, education and agricultural chemicals.