Saudi Arabia and Uzbekistan Sign MoUs to Enhance Economic Partnership

Sat Dec 23 2023
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RIYADH: The Saudi Arabia and Uzbekistan Joint Committee 6th meeting was held in Riyadh, with Saudi Arabia’s Minister of Investment, Engineer Khalid Al-Falih, and Uzbekistan’s Deputy Prime Minister, Jamshid Khodjaev, leading the discussions.

During the meeting, Al-Falih emphasized the alignment of economic aspirations outlined in Uzbekistan’s National Development Strategy 2023-2030, Saudi Arabia’s Vision 2030, and the National Investment Strategy. He expressed full support for the Saudi-Uzbek Business Council, underscoring its crucial role in fostering collaboration between the private sectors of both countries.

Saudi Arabi, Uzbekistan Discuss $31 Billion Investment Opportunities

Highlighting specific areas of cooperation, Al-Falih revealed that the meeting would explore 50 proposed investment opportunities valued at approximately $31 billion in Uzbekistan. These investments aim to contribute to Uzbekistan’s target of attracting $110 billion in foreign investments by 2030.

The joint meeting covered topics related to bilateral cooperation in economic, trade, and investment fields. It focused on reviewing promising investment opportunities, assessing the business environment in Saudi Arabia and Uzbekistan, and emphasizing the importance of bolstering joint efforts and advancing relations.

At the end of the meeting, the minutes of the 6th meeting of the Saudi-Uzbek Joint Committee were signed. Moreover, several memorandums of understanding were signed between the private sectors of Saudi Arabia and Uzbekistan, further strengthening economic ties and paving the way for new collaborative ventures.

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