On January 23 this year, Bukhara hosted the meeting of Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov with Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih as a part of the visit of Delegation of the Kingdom of Saudi Arabia to the Republic of Uzbekistan.

The meeting reviewed key considerations of bilateral cooperation in the investment, trade, economic, cultural and humanitarian areas.

In particular, the dialogue emphasised mutual willingness to strengthen and expand bilateral economic ties through the new joint investment projects in Uzbekistan. At the same time, the parties highly appreciated the success achieved by Saudi companies operating in Uzbekistan in the energy, oil and gas industry, chemical and petrochemical industry, agriculture, healthcare, pharmaceuticals, information and communication technologies, tourism and hotel business.

In view of this, they considered possible creation of a joint investment company as an effective instrument to finance and support joint projects.

The parties discussed the ways to increase mutual trade by increasing the supply of agricultural and food industry products, finished textile and leather products, as well as construction materials.

It was noted, that the development of economic cooperation between Saudi Arabia and Uzbekistan assigns a particular part to the created Uzbek-Saudi Business Council designed to become an effective platform for direct ties between the business circles of the two countries.

In addition, both parties emphasized the priority of a meeting of the Uzbek-Saudi Intergovernmental Commission on Trade and Economic Cooperation expected for this year, which determined algorithms for further interaction in preparation for this event.

The meeting resulted agreement on joint development and approval of the Raod Map for bilateral cooperation in investment, trade, economic, cultural and humanitarian areas. During the stay of the Saudi delegation in Uzbekistan, there will be a number of targeted meetings of heads of Saudi companies with the top officials of relevant ministries, departments, and industry associations of Uzbekistan, as well as representatives of the private sector to discuss further cooperation in detail.