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29/November/2022   Economic Diplomacy

Uzbekistan and Saudi Arabia discuss practical aspects of investment cooperation

TASHKENT, November 29. /“Dunyo” IA/. Yesterday, Deputy Prime Minister – Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjayev has met with the Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih, via videoconference, reports “Dunyo” IA correspondent.


According to Uzbekistan MIFT, the parties discussed the current state and measures to accelerate the implementation of investment agreements signed during the visit of President Shavkat Mirziyoyev to the Kingdom of Saudi Arabia in August this year.

The practical aspects of investment cooperation in the energy sector were considered. Currently, ACWA Power is implementing 5 projects worth over $4 billion. An agreement was reached to take concrete measures to accelerate the implementation of ongoing projects, as well as to complete the development of a new investment program for $10 billion, including the development of renewable and hydrogen energy.

The progress of work on the implementation of investment projects in the chemical sector was considered, taking into account the organization of the production of propylene from methanol.

The parties also discussed cooperation in the medical and pharmaceutical fields. Prospects for the joint implementation of projects in agriculture were considered.

The sides discussed the prospects for concluding an agreement between Saudi Arabia’s Public Investment Fund and the Fund for Reconstruction and Development of the Republic of Uzbekistan on co-financing joint investment projects, as well as the creation of an Index Equity Fund in Uzbekistan with the assistance of Saudi Arabia’s Public Investment Fund.

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