Uzbekistan eyes to expand its economic cooperation with Saudi Arabia

By Shilpa Annie Joseph, Official Reporter
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Uzbekistan is reportedly planning to expand economic, investment and trade cooperation with the Kingdom of Saudi Arabia.

Mr. Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan has discussed the ways to boost the cooperation between the countries with Mr. Khalid Al-Falih, Minister of Investments of Saudi Arabia.

Both the parties discussed the prospects for the implementation of new projects in areas such as the chemical, metallurgical, mining, and textile industries, as well as agriculture. Further, they agreed to work together to attract Uzbek and Saudi businesses to participate in these projects. According to the statement, “Over 40 companies with Saudi capital are currently operating in Uzbekistan.”

During the discussion, special attention was paid to projects aimed at ensuring food security. The parties agreed to form a separate investment portfolio in the field of agriculture and processing of agricultural products. The cooperation in the textile industry was also discussed.

“As a result of the meeting, further joint actions were identified aimed at finding new points of intersection of mutual interests and expanding mutually beneficial investment cooperation between the two countries,” according to the statement.

Last month, the Saudi Minister of Investment visited Uzbekistan in order to explore mutually beneficial investment opportunities in key areas. The delegation of more than 60 Saudi government officials and leading Saudi private sector companies discussed cooperation in the fields of transport, health, agriculture, trade, investment, energy, and petrochemicals.

Related: Saudi Ministry promotes mining investment opportunities across Kingdom