The Uzbek-Saudi Business Forum and the first meeting of the Uzbek-Saudi Business Council takes place in Bukhara
Tashkent, Uzbekistan (UzDaily.com) -- On 23 January 2021, the Uzbek-Saudi Business Forum and the first meeting of the Uzbek-Saudi Business Council, organized by the Ministry of Investment and Foreign Trade and, were held in Bukhara, within the framework of the visit of the delegation of the Kingdom of Saudi Arabia to Uzbekistan.
The events were attended from the Saudi side - the Minister of Investment of the Kingdom of Saudi Arabia Khalid al-Falih, the leadership of the Ministry of Energy, the Ministry of Industry and Mineral Resources, the Council of Saudi Arabia Chambers of Commerce, the Saudi Central Bank, the Saudi Export-Import Bank, the Saudi Development Fund and about 30 large Saudi companies, such as "Acwa Power", "Saudi Aramco", "Al-Bassam Petroleum Equipment", "Salic", "Bahri", "Elm", "Bait-Al Batterjee", "Ma'aden" , "Saudi Airlines", and from the Uzbek side - Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov, heads of the Ministry of Investment and Foreign Trade, Ministry of Foreign Affairs, Ministry of Agriculture, Ministry of Transport, Chamber of Commerce and Industry, as well as other departments, industry associations and private sector representatives.
During the events, the Uzbek side emphasized the high level of trusting relations between Uzbekistan and Saudi Arabia, thanks to which today large projects in the energy, chemical and food industries, as well as in the service sector are being implemented on a joint basis.
At the same time, the perspectives of the transition to systemic mutually beneficial cooperation in the investment and trade and economic spheres were emphasized, the basis for which would be the favorable conditions created in Uzbekistan for foreign capital, along with a consistent approach to the implementation of bilateral agreements, focused on the full and timely implementation of the agreements reached.
The Saudi side highly appreciated the pace and effectiveness of the socio-economic reforms being carried out in Uzbekistan, as well as the wide opportunities opening up in this regard to stimulate bilateral investment and trade cooperation. The Minister of Investment of Saudi Arabia expressed a commitment to implement consistent practical measures to strengthen investment and economic ties between the two countries.
In this context, the parties welcomed the creation of the Uzbek-Saudi Business Council as a reliable platform for establishing long-term contacts between representatives of private business of the two countries, creating favorable conditions for Uzbek-Saudi business cooperation, as well as supporting and promoting joint projects.
During the business forum, the existing potential for the development of cooperation in promising industries was revealed in detail - the oil and gas and petrochemical industries, mechanical engineering, electrical, food, textile and leather and footwear industries, silkworm breeding, infrastructure construction and tourism. Also, Saudi investors and entrepreneurs were informed in detail about the conditions created in Uzbekistan to attract and support foreign direct investment, measures taken to privatize state assets and transform enterprises with state participation, as well as about functioning mechanisms for protecting investors' rights, stimulating exports and improving the business environment.
The participants had the opportunity to comprehensively familiarize themselves with the conditions created in a particular sector for conducting investment and foreign trade activities in Uzbekistan, discuss common interests and prospects for cooperation and consider specific project proposals for further joint development. In order to discuss the practical aspects of cooperation in specific areas and projects, meetings were held in the formats "G2B" and "B2B".
As a result of the forum, an Agreement on cooperation on the creation of a Joint Business Council was signed between the Council of Chambers of Commerce and Industry of Saudi Arabia and the Chamber of Commerce and Industry of Uzbekistan, a Memorandum of Understanding between Uzbekistan Airways JSC and Flynas on the development of tourism, as well as a Memorandum on understanding between the Center for Islamic Civilization in Uzbekistan and the King Faisal Center for Islamic Studies.
Until 25 January, joint work will continue to establish direct ties between representatives of the business communities of the two countries, following which preliminary agreements are expected to be reached on the implementation of specific projects in the fields of geology, energy, petrochemical, chemical, metallurgical industries, agriculture, pharmaceuticals, electrical engineering, and healthcare. , information and communication sector and tourism.