Bukhara city hosted Uzbekistan – Saudi Arabia Business Forum and the first meeting of the Business Council, organized by the Ministry of Investments and Foreign Trade of Uzbekistan (MIFT) and the Ministry of Investment of Saudi Arabia.

According to MIFT, the events were attended from the Saudi side by the Minister of Investment Khalid Al-Falih, the leadership of the Ministry of Energy, the Ministry of Industry and Mineral Resources, the Council of Chambers of Commerce, the Central Bank, the Saudi Export-Import Bank, the Development Fund and about 30 large companies such as Acwa Power, Saudi Aramco, Al-Bassam Petroleum Equipment, Salic, Bahri, Elm, Bait-Al Batterjee, Ma’aden, Saudi Airlines, and from the Uzbek side – Deputy Prime Minister, Minister of Investments and Foreign Trade Sardor Umurzakov, heads of the Ministry of Investments 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 agencies, industry associations, and private sector representatives.

The delegation members highly appreciated the pace and effectiveness of the socio-economic reforms being carried out in Uzbekistan, as well as the wide opportunities opening up in this regard to stimulating investment and trade cooperation. The Minister of Investment of Saudi Arabia expressed a commitment to implement consistent practical measures for strengthening investment and economic ties between the two countries.

The parties welcomed the creation of Uzbekistan – Saudi Arabia Business Council as a reliable platform for establishing long-term contacts between representatives of the private business of the two countries, creating favorable conditions for business cooperation, as well as supporting and promoting joint projects.

At the business forum, the existing potential for the development of cooperation in the oil and gas and petrochemical industries, mechanical engineering, electrical, food, textile, leather, and footwear industries, silkworm breeding, infrastructure construction, and tourism was revealed in detail.

G2B and B2B meetings were held to discuss the practical aspects of cooperation in specific areas and projects.

Following the forum, a Cooperation Agreement on the creation of a Joint Business Council was signed between the Council of Saudi Chambers and the Chamber of Commerce and Industry of Uzbekistan, a Memorandum of Understanding between Uzbekistan Airways and Flynas on the development of tourism, as well as a Memorandum of Understanding between the Center for Islamic Civilization in Uzbekistan and the King Faisal Center for Research and Islamic Studies.

UzA