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Uzbekistan and KSA: expanding the boundaries of a multifaceted partnership

On December 23, within the framework of the visit of the delegation of the Kingdom of Saudi Arabia to Uzbekistan in Tashkent, negotiations were held in a narrow format between the Deputy Prime Minister of the Republic of Uzbekistan – Minister of Investments and Foreign Trade Jamshid Khodjaev and the Minister of Investments of the Kingdom of Saudi Arabia Khalid al-Falih.

During the meeting, the current state and prospects of bilateral trade, economic and investment cooperation were discussed.

The positive experience of ACWA Power, which implements several large projects in alternative energy in various regions of Uzbekistan, was noted. Mutual readiness was expressed to provide comprehensive support to the company both within the framework of ongoing projects and in the course of further implementation of investment initiatives.

The prospects for accelerating the completion of some projects in the chemical, telecommunications, medical, pharmaceutical and banking sectors, agricultural production and in the field of organizing retail trade networks were discussed with companies such as Sabic, Saudi Telecom, Dr. Sulaiman Al Habib Group, Jamjoom Pharma, Al Rajhi International and Ajlan & Bros Holding Group, Al Hokair Group and National Bank of Saudi Arabia. The parties agreed on the need to comprehensively intensify the implementation of projects by providing the necessary support measures from the governments of both countries.

An exchange of views took place at the past business forum with the participation of the business circles of the two states and the signed promising agreements and contracts. The parties appreciated the event’s results and agreed to take specific practical measures for the timely and full implementation of the agreements.

During the conversation, measures were also considered for financing infrastructure projects of regional importance, accelerating the signing of a Memorandum of Understanding between the State Investment Fund of Saudi Arabia and the Direct Investment Fund of Uzbekistan, organising the 5th meeting of the Uzbek-Saudi Business Council and the “Exhibition of Goods Produced in Uzbekistan” in Tashkent city in February 2023.

As a result of the meeting, the meeting participants confirmed their mutual commitment to further strengthening investment, trade and economic cooperation. They agreed on the interaction format for the timely and full implementation of all discussed projects and initiatives.

Source: mift.uz