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18/August/2022   Economic Diplomacy

Jeddah hosts Uzbekistan – Saudi Arabia Business Council’s meeting

TASHKENT, August 18. /“Dunyo” IA/. As part of the state visit of the President of Uzbekistan Shavkat Mirziyoyev to Saudi Arabia, the city of Jeddah hosted the 4th meeting of Uzbekistan – Saudi Arabia Business Council, reports “Dunyo” IA correspondent.


According to the Ministry of Investments and Foreign Trade, the event was attended from the Saudi side by the Minister of Investment Khalid Al-Falih, Co-Chairman of the Business Council – Chairman of the Board of Directors of ACWA Power Mohammad Abunayyan, heads of more than 30 largest Saudi companies, and from the Uzbek side – Deputy Prime Minister – Minister of Investments and Foreign Trade Jamshid Khodjayev, heads of ministries, agencies, industry associations, commercial banks and large industrial enterprises.

The parties emphasized the high level and trusting nature of relations, which have been strengthened due to the desire of the leadership of the two countries to enhance multi-level ties. The existing opportunities for the development of cooperation in the investment, industrial, trade and economic spheres were analyzed. Uzbekistan and Saudi companies are invited to more active interaction to increase the number and expand the scope of implementation of investment agreements and trade contracts.

The Saudi side noted the effectiveness of the reforms carried out in Uzbekistan. In particular, a high assessment was given to the conditions created for the comfortable activities of foreign investors, the improvement of the investment climate in recent years, which stimulates the inflow of foreign direct investment into the country.

During the open discussions, the participants got acquainted with specific project proposals, mechanisms for protecting foreign investments and foreign trade activities in Uzbekistan, and success stories of other companies. G2B and B2B meetings, in turn, made it possible to analyze the prospects for interaction, understand the interests and needs of potential partners, and discuss new ideas and investment projects.

Following the 4th meeting of the Business Council, 15 joint documents were signed. They determine the prospects for the implementation of specific projects in Uzbekistan in energy, chemical industry, infrastructure and housing construction, pharmaceuticals, medicine, transport and logistics. The total amount of contracts exceeds $13.1 billion, which is an exceptional result in the history of relations between the two countries over the past 30 years.

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