Minister of Investments, Industry and Trade of Uzbekistan Laziz Kudratov held virtual talks with the Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih.

According to the Ministry of Investments, Industry and Trade, the parties discussed the current state and prospects for the development of bilateral cooperation in trade, economic, investment, energy sectors, as well as measures to accelerate the implementation of agreements signed during the state visit of the President of Uzbekistan to Saudi Arabia in August 2022.

The progress in the implementation of agreements at the highest level was considered, including an investment agreement on the development of the Kungrad wind farm with a capacity of 1.5 GW in the Republic of Karakalpakstan and a project for the production of green hydrogen in Uzbekistan. It was noted that together with ACWA Power, 5 projects worth more than $4.2 billion are being successfully implemented.

“We are ready to provide comprehensive assistance and take specific practical measures for the timely and effective implementation of both existing and joint projects being developed with Saudi companies”, Minister Laziz Kudratov said.

In this context, a constructive exchange of views and proposals took place on accelerating the implementation of joint projects in alternative energy, the banking sector, the chemical, pharmaceutical industry, telecommunications, healthcare, agriculture and retail trade with Saudi companies. The possibilities of attracting Saudi investments in the implementation of large regional transport and logistics, energy and infrastructure projects were considered. The Saudi side assured the Uzbek colleagues of its readiness to provide comprehensive support in ensuring the successful implementation of the discussed initiatives.

UzA