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Uzbekistan, Saudi Arabia sign memorandum on tourism development

Tourism Materials 25 January 2021 12:04
Uzbekistan, Saudi Arabia sign memorandum on tourism development

BAKU, Azerbaijan, Jan. 25

By Klavdiya Romakayeva - Trend:

Uzbekistan and Saudi Arabia discussed the cooperation development in oil and gas and petrochemical industries, mechanical engineering, electrical, food, textile and leather and footwear industries, silkworm breeding, infrastructure construction and tourism, Trend reports citing the Ministry of Investments and Foreign Trade of Uzbekistan (MIFT).

The Uzbek-Saudi Business Forum and the first meeting of the Uzbek-Saudi Business Council, organized by the MIFT and the Ministry of Investment of the Kingdom of Saudi Arabia, took place in Bukhara during the visit of the delegation of the Kingdom of Saudi Arabia to Uzbekistan on January 23 of this year.

It is reported that during the events the Uzbek side emphasized the high level of trusting relations between Uzbekistan and Saudi Arabia, thanks to which large projects in the energy, chemical, and food industries, as well as in the service sector are being implemented today on a joint basis.

At the same time, the perspectives of the transition to systemic mutually beneficial cooperation in the investment and trade and economic spheres were emphasized, the basis for which would be the favorable conditions created in Uzbekistan for foreign capital, along with a consistent approach to the implementation of bilateral agreements, focused on the full and timely implementation of the agreements reached.

The Saudi side, in turn, highly appreciated the pace and effectiveness of the socio-economic reforms being carried out in Uzbekistan, as well as the wide opportunities opening up in this regard to stimulating bilateral investment and trade cooperation.

In addition, Saudi investors and entrepreneurs were informed in detail about the conditions created in Uzbekistan to attract and support foreign direct investment, measures taken to privatize state assets and transform enterprises with state participation, as well as about functioning mechanisms for protecting investors' rights, stimulating exports and improving the business environment.

It was noted that meetings G2B and B2B formats were held in order to discuss the practical aspects of cooperation in specific areas and projects

As a result of the forum, an agreement on cooperation on the creation of a Joint Business Council was signed between the Council of Chambers of Commerce and Industry of Saudi Arabia and the Chamber of Commerce and Industry of Uzbekistan.

Moreover, a Memorandum of Understanding between Uzbekistan Airways JSC and Flynas on the development of tourism, as well as a Memorandum of Understanding between the Center for Islamic Civilization in Uzbekistan and the King Faisal Center for Islamic Studies.

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