On January 25 this year, Minister of Investment of the Kingdom of Saudi Arabia, Khalid Al-Falih met with Deputy Prime Minister – Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov as a part of a visit of the Saudi Delegation to Uzbekistan.

The meeting also involved top officials of the National Agency for the Promotion of Saudi Arabian Companies and representatives of the private sector, i.e. top officials of ACWA Power, Dr. Sulaiman Al-Habib Medical Group (HMG) and DirectFN Ltd. from the Saudi side, as well as top officials of the Ministry of Investment and Foreign Trade, the Ministry of Foreign Affairs, the Ministry of Health, and the Capital Market Development Agency from the Uzbek side.

The parties discussed deliverables of the visit of the Saudi Delegation to Uzbekistan with a view to the results of the negotiations between representatives of the Saudi private sector with the heads of relevant ministries, departments and companies of Uzbekistan.

The Saudi side noted the high efficiency of the visit. The members of the delegation were able to directly discuss all aspects of cooperation with potential and existing partners from Uzbekistan, as well as outline further steps for the new projects. Moreover, close bilateral interdepartmental interaction provided identification of priority areas that have significant potential for deepening investment, trade and economic cooperation.

In particular, the parties agreed further expansion of the Uzbek-Saudi partnership in the energy sector though the new projects for the construction of power plants operating with alternative energy sources, as well as modernization of the national electric power system of Uzbekistan based on a public-private partnership. The meeting involved the discussion on certain project proposals, which in the near future will be the subject for careful bilateral study.

The parties noted the perspectivity for the creation of joint Uzbek-Saudi enterprises in agriculture, poultry, and cattle breeding in Uzbekistan involving rural residents and socially vulnerable groups of the population in the production and organization of subsequent deliveries of agricultural products abroad.

Moreover, the Saudi side disclosed its willingness to support the attraction of Saudi companies to the projects and programs of social and infrastructural development of remote regions of the Republic of Uzbekistan according to corporate social responsibility principles.

Besides, there were agreements on the joint development of a number of projects in the oil and gas industry, healthcare, metallurgy, production of construction materials, information and communication sector, transport and logistics, development of the stock market and tourism.

After the meeting, the parties agreed to approve joint Road Map to implement projects discussed during the visit of the Saudi Arabian Delegation to Uzbekistan and to create a bilateral Working Group to monitor the implementation of the agreements reached and prepare proposals for new areas of cooperation. It was concerted that the parties will start joint preparations for a meeting of the Uzbek-Saudi Intergovernmental Commission on Bilateral Cooperation in Saudi Arabia in the near future, as well as the next meeting of the Uzbek-Saudi Business Council and Business Forum involving the business communities of the two countries.

Following the negotiations, the parties signed Memorandums of Cooperation between the Ministry of Health of the Republic of Uzbekistan and Dr. Sulaiman Al-Habib Medical Group, as well between the Capital Market Development Agency of the Republic of Uzbekistan and DirectFN Ltd.

Link to source: https://mift.uz/en/news/priorities-for-further-expansion-of-multifaceted-uzbek-saudi-cooperation

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