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    The 4th meeting of the Uzbek-Saudi Business Council was held in Jeddah

    Investments 18 August 2022 369

    On August 17 of this year, on the sidelines of the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Kingdom of Saudi Arabia, the 4th meeting of the Uzbek-Saudi Business Council was held in Jeddah.

    The event was attended by Saudi Arabia's Minister of Investment Khalid al-Falih, Co-Chairman of the Business Council - Chairman of the Board of ACWA Power Muhammad Abunayyan, heads of more than 30 major Saudi companies, such as Dr. Sulaiman Al-Habib Medical Group", "Jamjoom Pharma", "Al-Rajhi International Investment", "Flynas", "Al Safeer Travel, Tourism and Umrah Services", "Silk Road Co.", "Alfaris International Group", "Al-Moatasem Trading Company", "United Feed", "Nesma Infrastructure & Technology", "Mepco", "Almutlaq Group", "Umm Al Qura Development & Construction", "Bin Dawood Holding Company", "Batterjee Group Company", "BMG Financial Advisor", and from the Uzbek side - Deputy Prime Minister - Minister of Investment and Foreign Trade Jamshid Khodjaev, heads of ministries, departments, industry associations, commercial banks and large industrial enterprises.

    During the speeches, the parties stressed the high level and trusting nature of the relationship, strengthened by the desire of the leadership of the two countries to expand multilevel ties. The available opportunities for the development of cooperation in the investment, industrial, trade and economic spheres are analyzed. Uzbek and Saudi companies are invited to more active cooperation in order to increase the number and expand the areas of implementation of investment agreements and trade contracts.

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

    Saudi companies were also informed in detail about the industrial potential of the country, and prospects for the development of cooperation in the fields of pharmaceuticals, chemical and petrochemical industries, agriculture and other areas. The heads of the relevant ministries, departments and industry associations held presentations of the investment and industrial potentials of each industry, presented specific promising project proposals.

    During the open discussion session, participants were able to get acquainted with specific project proposals, mechanisms for protecting foreign investment and foreign trade activities in Uzbekistan, and success stories of other companies. And the meetings in the "G2B" and "B2B" formats, in turn, allowed analyzing the prospects for cooperation, understanding the interests and needs of potential partners, discussing new ideas and investment projects.

    Following the results of the 4th meeting of the Business Council, a signing ceremony was held, during which 15 joint documents were signed defining the prospects for the implementation of specific projects in Uzbekistan in the fields of 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, the press service of the MIFT RUz reports.