The Republic Uzbekistan and Kingdom of Saudi Arabia to expand investment cooperation

First Deputy Minister of Investment and Foreign Trade of Uzbekistan Laziz Kudratov held negotiations with Deputy Minister of Investment of the Kingdom of Saudi Arabia Badr Al Badr in the video conference format on 17 October.

The ways of strengthening bilateral trade-economic and investment cooperation as well as implementation of projects reached during the high-level visit to Saudi Arabia in August this year were discussed during the meeting.

The sides exchanged views on the prospects of investment cooperation between the two countries. To date, 38 enterprises with capital of Saudi Arabia are currently operating in Uzbekistan. Their number has increased by almost five times in the last 5 years. In this context, while highly appreciating the achievements in interaction with ACWA Power, whose current portfolio in Uzbekistan contains 5 projects worth over 4 billion US dollars and with over 4.1 GW of designed capacity, the sides have agreed to accelerate the implementation of new investment program, comprising projects in energy sector, programs on building capacities of renewable energy sources.

In a similar vein, the current status of projects with Sabic, Dr. Sulaiman Al-Habib Medical Group, Al Rajhi International, Ajlan & Bros, Al Hokair Group, Jamjoom Pharma and others in the chemical, medical and pharmaceutical industries, agriculture and retail were analysed in detail. There was a mutual willingness to step up efforts to actively implement existing agreements.

At the end of the meeting, it was agreed to take practical measures as part of the daily monitoring of the implementation and enforcement of all the agreements and projects discussed