On January 16 this year, Deputy Prime Minister of the Republic of Uzbekistan - Minister of Investment and Foreign Trade S. Umurzakov negotiated with Minister of Investment of Saudi Arabia, Khalid A. Al-Falih via videoconferencing.

Negotiations touched upon progress and prospects of bilateral cooperation in trade, economic, investment, energy, cultural and humanitarian areas.

The Minister of Investment of Saudi Arabia highly appreciated the social and economic reforms, as well as structural transformations implemented in Uzbekistan under the authority of the Chief of State. 'We are inspired by the bright results of deep structural transformations in Uzbekistan under the authority of the pragmatic President Sh.M. Mirziyoyev, which are unanimously recognized by the international community', - said Khalid A. Al-Falih during the conversation.

The operational background of Saudi companies in the energy sector of Uzbekistan gained appreciation. On March 5 last year, there was an agreement reached with top officials of ACWA Power to construct a thermal power plan in Syrdarya region of the Republic of Uzbekistan worth USD 1.2 billion. 'The project of Acwa Power is a successful example of our cooperation. At the same time, we should be confined only to the energy projects. We expect tangible results from the upcoming bilateral events, which could significantly raise the level of our partnership in various areas', - noted Khalid A. Al-Falih.

The Saudi side expressed interest in the expansion of investment cooperation and establishment of business partnership between entrepreneurs of the two countries. In view of this, it was agreed to arrange a visit of the Minister of Investment of Saudi Arabia to Uzbekistan chaired by the delegation of Saudi business circles by the end of this month.

The expected visit will provide a number of bilateral events, including the Uzbek-Saudi Business Forum with presentations of existing opportunities for investment cooperation and specific projects for joint implementation, the first meeting of the Uzbek-Saudi Business Council, involving the chambers of commerce and industry of the two countries, as well as G2G, G2B, B2B meetings to reach specific agreements on the most promising and mutually beneficial investment projects. Besides, it is planned to have a Foundation Stone Laying Ceremony at the construction site of a thermal power plant in Syrdarya region, the signing of an investment agreement with ACWA Pоwer for the construction of a wind plant in the Republic of Uzbekistan worth USD 1.4 billion, as well as the opening of an energy college in Shirin.

During the negotiations, the parties reached an agreement on close cooperation between the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the Ministry of Investment of the Kingdom of Saudi Arabia aimed at favorable conditions for cooperation between entrepreneurs of the two countries.

At the end of the videoconferencing, the parties expressed their willingness to study new promising areas of investment cooperation, such as agriculture, tourism, transport sector, and other industries. They agreed to establish systematic interaction to develop specific projects.