Uzbekistan and Saudi Arabia intend to expand investment cooperation

On October 17 this year, in the format of the videoconferencing, the First Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan Laziz Kudratov held talks with the Deputy Minister of Investments of the Kingdom of Saudi Arabia Badr al-Badr.

During the meeting, ways to strengthen bilateral trade, economic and investment cooperation, as well as the implementation of agreements on the implementation of projects reached following the high-level visit to Saudi Arabia, held in August this year, were considered.

An exchange of views took place on the prospects for investment cooperation between the two countries. To date, 38 enterprises operate in Uzbekistan with the participation of Saudi capital. Over the past 5 years, their number has increased almost 5 times. In this context, appreciating the achieved results of interaction with ACWA Power, whose current portfolio in Uzbekistan consists of 5 projects with a total value of more than 4 billion US dollars and a design capacity of more than 4.1 GW, the parties agreed to accelerate the implementation of a new investment program consisting of projects in the energy sector, renewable energy capacity building programs.

In a similar vein, the current state of the implementation 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 industry, medical and pharmaceutical industries, agriculture and retail. Mutual readiness was expressed to step up efforts to actively implement the existing agreements.

As a result of the meeting, an agreement was reached on taking practical measures as part of daily monitoring of the implementation and speeding up the implementation of all discussed agreements and projects.