Uzbekistan and Saudi Arabia are expanding cooperation in the field of investments
On October 15, President Shavkat Mirziyoyev received a prestigious delegation led by Saudi Arabia’s Minister of Investment, Khalid Al-Falih. This was reported by Zamin.uz.
During the meeting, issues of further developing economic and investment cooperation between the two countries were discussed. Greetings and best wishes from Saudi King Salman bin Abdulaziz and Crown Prince Muhammad bin Salman were conveyed to the President.
In recent years, relations between Uzbekistan and Saudi Arabia have been rapidly developing. Trade turnover, investment volume, and the number of joint ventures are increasing.
Up to 60 flights per week are operated between the two states. Currently, the portfolio of joint projects has reached 27 billion dollars.
Among them, 15 billion dollars are being invested in large-scale “green” energy projects in the energy sector with the “ACWA Power” company. This year, Saudi investors have invested 2 billion dollars in Uzbekistan.
President Mirziyoyev emphasized that the construction of the new Tashkent International Airport is an important symbol of long-term partnership between the two countries. He noted special attention to projects such as the construction of wind and solar power plants and the production of “green” hydrogen in the energy sector.
It was also announced that a modern data center is being built in Tashkent with the participation of the “Data Volt” company. It is planned to establish such centers in new Tashkent and Bukhara, as well as to expand cooperation in the fields of digital economy and artificial intelligence.
Attracting Saudi investments in the field of mineral raw materials was identified as an important direction. It is planned to establish the “Future Metals Technopark” in Uzbekistan based on tungsten, lithium, magnesium, titanium, and other valuable deposits.
The President called on Saudi businessmen to actively participate in geological exploration and processing projects. Several projects are also being implemented in the infrastructure sector.
For example, the “Miahona” company is working on wastewater treatment in Fergana and Jizzakh, and on updating water supply systems in Karakalpakstan. Agreements have been reached with the “Saudi Tabreed” company on modernizing communal services.
Leading Saudi corporations such as “ACWA Power,” “Vision Invest,” “Al Muhaidib Group,” “Riyadh Cables,” “InterHealth,” “AlMajdiah,” and “Pemco” are contributing to this new stage of cooperation. The Saudi delegation highly appreciated Uzbekistan’s stable economic policy, favorable investment climate, and open market reforms, and expressed their intention to further deepen mutually beneficial partnership in the future.
Source: Presidential Press Service.
