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Saudi Arabia interested in expanding investment co-op with Uzbekistan

Business Materials 18 January 2021 11:51
Saudi Arabia interested in expanding investment co-op with Uzbekistan

BAKU, Azerbaijan, Jan. 18

By Klavdiya Romakayeva - Trend:

The Ministry of Investment and Foreign Trade of Uzbekistan (MIFT) and the Ministry of Investment of Saudi Arabia aimed at providing favorable conditions for cooperation between entrepreneurs of the two countries, Trend reports referring to the press service of Uzbek ministry.

The mentioned issue was discussed by the Deputy Prime Minister of Uzbekistan, Minister of Investments and Foreign Trade Sardor Umurzakov, and the Minister of Investments of Saudi Arabia Khalid Al-Falih.

According to the MIFT, the sides also discussed the current state and prospects of bilateral cooperation in trade, economic, investment, energy, cultural, and humanitarian spheres.

The Minister of Investment of Saudi Arabia positively assessed the experience of work of Saudi companies in the energy sector of Uzbekistan - on March 5 last year, an agreement was reached with the management of ACWA Power to build a thermal power plant in the Syrdarya region worth $1.2 billion.

The Saudi side expressed interest in expanding investment cooperation and establishing business partnerships between entrepreneurs of the two countries. In this regard, the organization of the visit of the Minister of Investment of Saudi Arabia to Uzbekistan led by the delegation of Saudi business circles by the end of this month was agreed.

It is reported that a number of bilateral events are planned within the framework of the visit, including the Uzbek-Saudi Business Forum with presentations of existing opportunities for investment cooperation and specific projects for joint implementation, the first meeting of the Uzbek-Saudi Business Council with the involvement of the chambers of commerce and industry of the two countries, as well as meetings in the formats G2G, G2B, and B2B to reach specific agreements on the most promising and mutually beneficial investment projects.

In addition, it is planned to hold a groundbreaking ceremony at the construction site of a thermal power plant in the Syrdarya region, the signing of an investment agreement with the ACWA Pоwer company on the construction of a wind farm in Uzbekistan worth $1.4 billion, as well as the opening of an energy college in Shirin city.

Also, the parties announced their readiness to study new promising areas of investment cooperation, such as agriculture, tourism, the transport sector, and other industries, and came to an agreement on establishing systemic interaction to develop specific projects.

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Follow the author on Twitter: @romakayeva

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