UzAFI – State Investment Committee of the Republic of Uzbekistan

11/29/2022 | Press release | Distributed by Public on 11/29/2022 15:19

Uzbekistan – KSA: a course to expand investment cooperation

On November 28 of this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjayev held a meeting with the Minister of Investment of the Kingdom of Saudi Arabia Khalid al-Falih in a videoconference format. The meeting discussed the current state and measures to accelerate the implementation of investment agreements signed during the visit of Head of State Shavkat Mirziyoyev to the Kingdom of Saudi Arabia in August this year.

The heads of relevant ministries and departments, industry associations of the two countries also took part in the negotiations.

Considering the scope of multifaceted bilateral relations, the parties stressed that the existing positive dynamics is based on trusting relations between the leadership of the two states. In this context, the readiness to intensify cooperation for the purpose of high-quality and timely implementation of the agreements reached was expressed.

Practical aspects of investment cooperation in the energy sector were discussed. Currently, ACWA Power is implementing 5 projects with a total cost of more than $ 4 billion and a design capacity of over 4.1 GW. An agreement was reached to take concrete measures to accelerate the implementation of ongoing projects, as well as to complete the development of a new investment program for $ 10 billion, including the development of renewable and hydrogen energy.

The progress of work on the implementation of investment projects in the chemical sector is considered, bearing in mind the organization of the production of propylene from methanol using the MTR technology for $ 1.31 billion. A delegation of Saudi companies is scheduled to visit in December this year to accelerate the development of technical and technological parameters of the project.

In a similar constructive way, the progress of work in the medical and pharmaceutical industries was discussed. It was about the reconstruction of 5 hospitals in Tashkent and the Tashkent region, the establishment of the Al-Habib Medical Academy and the establishment of pharmaceutical production. The Saudi side expressed its readiness to send a team of specialists in order to speed up the implementation of all preparatory procedures and the preparation of project documentation.

During the dialogue, prospects for joint implementation of projects in the field of agriculture were also considered. Measures have been agreed to study climatic conditions and soil quality. Based on the results of the analysis, work will be launched on an area of over 1.8 thousand hectares in the Navoi and Tashkent regions using best practices and technologies by experts from Al Rajhi International and Ajlan & Bros.

The parties discussed the prospects of concluding an agreement between the State Investment Fund of Saudi Arabia and the Fund for Reconstruction and Development of Uzbekistan on co-financing joint investment projects, as well as the creation of an Index Fund of shares in Uzbekistan with the assistance of the State Investment Fund of Saudi Arabia.

Following the meeting, the parties expressed their firm commitment to the timely practical implementation of all the discussed projects and further expansion of mutually beneficial cooperation.