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Saudi Arabia eyes setting up investment companies and microfinance organizations in Uzbekistan

Business Materials 26 January 2021 10:58
Saudi Arabia eyes setting up investment companies and microfinance organizations in Uzbekistan

BAKU, Azerbaijan, Jan. 26

By Klavdiya Romakayeva - Trend:

Uzbekistan and Saudi Arabia discussed the development of instruments for financial support of joint programs and projects, including the creation of investment companies and microfinance organizations in Uzbekistan, Trend reports referring to the press service of the president of Uzbekistan.

The mentioned issue was discussed during the meeting held between the President of Uzbekistan Shavkat Mirziyoyev and a delegation of the Kingdom of Saudi Arabia headed by the Minister of Investments Khalid al-Falih.

According to the information, topical issues of further strengthening the Uzbek-Saudi multifaceted relations were discussed at the meeting.

It was noted that despite the COVID-19 pandemic, there is an active dialogue at the level of government agencies and businesses of the two countries.

Investment Minister Khalid al-Falih expressed his gratitude for the support of investment projects of Saudi companies and the creation of favorable conditions for their productive activities in Uzbekistan.

Thus, on January 25, a joint business forum was successfully held in Bukhara, a decision was made to establish a Business Council, and agreements were signed on the implementation of large cooperation projects.

In addition, the project was launched to build a new modern thermal power plant with a capacity of 1200 megawatts in the Syrdarya region with the participation of the corporation Saudi Arabian ACWA Power. Also, together with this company, wind power plants will be built in Bukhara and Navoi regions with a total capacity of 1000 megawatts.

It was also noted that the number of joint ventures and projects in Uzbekistan with the participation of Saudi investments has increased significantly over several years.

Moreover, the parties reached agreements on the preparation and implementation of new projects in the energy, oil and gas, gas chemical and chemical industries, the industrial sector, agriculture, healthcare, and pharmaceuticals, as well as in other areas, including through the implementation of the principles of public-private partnership.

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