Uzbekistan, Saudi Arabia sign investment protection agreement
Uzbekistan, Tashkent, June 7 / Trend D.Azizov /
An Intergovernmental Agreement on Mutual Promotion and Protection of Investments was signed during a Saudi Arabian delegation's visit to Uzbekistan, the Uzbek Foreign Ministry reported.
The delegation was led by Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA) and Co-Chair of the Uzbek-Saudi Joint Committee to monitor progress in implementing the agreement on cooperation in trade, economy, science and technology, culture, sports and youth affairs.
The sides discussed issues of further strengthening bilateral cooperation in various areas. The sides focused on perspectives and priorities of cooperation in trade-economic and investment fields. They stressed that creation of the Uzbek-Saudi Entrepreneurship Council play an important role in establishing mutual beneficial contacts between chambers of commerce and industry, banking-financial institutions, as well as business circles of two states.
The Saudi side expressed an interest in participating in projects in the industrial free-trade zone Navoi. The parties considered an agreement to be signed in April to establish a transnational transport corridor for Uzbekistan-Turkmenistan-Iran-Oman-Qatar, as another promising direction of strengthening bilateral trade, economic and investment cooperation.
The sides highly appreciated the results of the first round of political consultations in Riyadh in November 2010, the third meeting of a joint commission to monitor the progress of the Uzbek-Saudi agreement on cooperation in trade, economy, science and technology, culture, sports and youth. A business forum was held during the current visit of the Saudi delegation.
In accordance with the agreement, two countries established preferential treatment. The agreement was also signed on cooperation between the chambers of commerce of both countries. The intergovernmental agreement on air services was adopted in April 2009. Relations between the two countries are developing well under the Organization of Islamic Conference and Islamic Development Bank.