Tashkent, Uzbekistan (UzDaily.com) -- On 7 February 2021, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov via teleconference held talks with the Minister of Investment of Saudi Arabia Khalid al-Falih, during which topical issues of investment and trade and economic cooperation, as well as the course of implementation of the agreements reached during the visit of the delegation of the Kingdom of Saudi Arabia to the Republic of Uzbekistan in January this year.

During the talks, issues related to the development and implementation of joint cooperation projects in the areas of trade, tourism, energy and chemical industry were discussed.

It was noted that the visit of the Saudi delegation to Uzbekistan gave a significant impetus to the development of bilateral economic partnership, forming the basis for further effective interaction in a number of priority areas.

The foreign side emphasized the interest of such Saudi companies as Sabic Corporation, Saudi Aramco, National Technology Group, Maaden, Sira, Jamjoom Pharma and others to invest in Uzbekistan, which was significantly strengthened following the results of the in Bukhara, the Uzbek-Saudi Business Forum and the meeting of the Uzbek-Saudi Business Council. In order to move to the study of specific investment projects, an agreement was reached to organize negotiations and mutual visits of business circles in the near future, as well as joint business forums and negotiations in the B2B and B2G format in both countries.

Mutual readiness to deepen long-term partnership in the energy sector through close interaction to accelerate the construction of a thermal power plant in the Syrdarya region and the implementation of projects for the construction of wind power plants in the Bukhara and Navoi regions, investment agreements on which were signed during the visit of the Saudi delegation to Uzbekistan, were indicated.

The talks also touched upon practical issues related to the creation of joint financing mechanisms for the highest priority investment projects. As such, it was proposed to consider promising proposals for the creation of industrial clusters in Uzbekistan in the textile, agricultural and pharmaceutical industries.

Particular attention was paid to joint preparation for the next meeting of the Intergovernmental Commission, within the framework of which a meeting of the Uzbek-Saudi Business Council and sectoral presentations of the investment potential of Uzbekistan in large industrial cities of Saudi Arabia are planned.

Mechanisms for increasing the volume of mutual trade by increasing the supply of competitive products of Uzbek and Saudi production, enhancing the participation of manufacturers of the two countries in exhibition and fair events held in Uzbekistan and Saudi Arabia and the creation of Uzbek-Saudi trading houses were discussed separately.

As a result of the talks, an agreement was reached to intensify interaction in all the areas of cooperation discussed.