On January 23 this year, Bukhara hosted the Uzbek-Saudi Business Forum and the first meeting of the Uzbek-Saudi Business Council organized by the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the Ministry of Investment of the Kingdom of Saudi Arabia as a part of the visit of the Delegation of the Kingdom of Saudi Arabia to the Republic of Uzbekistan.

Parties attended from the Saudi side - Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih, the top officials 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 the parties attended from the Uzbek side - Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, heads of the Ministry of Investment and Foreign Trade, the Ministry of Foreign Affairs, the Ministry of Agriculture, the Ministry of Transport, the Chamber of Commerce and Industry, as well as other departments, sectoral associations and representatives of the private sector.

During the meetings, Uzbek side emphasized the high level of trusting relations between Uzbekistan and Saudi Arabia, thanks to which there are major projects implemented in the energy, chemical and food industries, as well as in the service sector on a joint basis.

At the same time, the parties noted the perspectives of the transition to systemic mutually beneficial cooperation in the investment, trade and economic areas, which will provide favorable conditions in Uzbekistan for foreign capital, together with a consistent approach to the bilateral agreements focused on the full and timely implementation of the agreements reached.

The Saudi side highly appreciated the pace and effectiveness of the social and economic reforms in Uzbekistan, as well as the wide opportunities 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 view of this, the parties welcomed the creation of the Uzbek-Saudi Business Council as a reliable platform for long-term contacts between representatives of private businesses of the two countries, favorable conditions for Uzbek-Saudi business cooperation, as well as support and promotion of joint projects.

The Business Forum disclosed existing potential for the development of cooperation in promising industries like the oil and gas and petrochemical industries, mechanical engineering, electrical, food, textile and leather and footwear industries, silkworm breeding, infrastructure construction and tourism. Saudi investors and entrepreneurs received detailed information on the conditions created in Uzbekistan to attract and support foreign direct investment, measures taken to privatize state assets, and transform government-sponsored enterprises, as well as on operating mechanisms protecting the rights of investors, stimulating exports, and improving the business environment.

The parties received an opportunity to comprehensively go through the conditions created in a particular sector for investment and foreign trade in Uzbekistan, discuss common interests and prospects for cooperation and consider specific project proposals for further joint development. In order to discuss practical aspects of cooperation in specific areas and projects, there were G2B and B2B meetings.

After the Forum, the Council of Chambers of Commerce and Industry of Saudi Arabia and the Chamber of Commerce and Industry of Uzbekistan signed an Agreement on Cooperation to Create a Joint Business Council; Uzbekistan Airways JSC and Flynas signed a Memorandum of Understanding to develop tourism, and the Center for Islamic Civilization in Uzbekistan and the King Faisal Center for Research and Islamic Studies signed a Memorandum on Understanding.

Until January 25, there will be a joint work to establish direct ties between representatives of the business communities of the two countries, which are expected to result in preliminary agreements to implement specific projects in geology, energy, petrochemical, chemical, metallurgical industries, agriculture, pharmaceuticals, electrical engineering, healthcare, information and communications sector and tourism.