Uzbekistan, Saudi Arabia consider opportunities for expanding co-op in trade sector

Finance Materials 12 August 2022 12:46
Baku, Azerbaijan Trend News Agency
Uzbekistan, Saudi Arabia consider opportunities for expanding co-op in trade sector

Uzbekistan and Saudi Arabia considered opportunities for expanding cooperation in trade sector, Trend reports via Uzbek Ministry of Investment and Foreign Trade.

This was discussed during the meeting of Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev with Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to the Republic of Uzbekistan Yousef Al-Otaibi.

During the talks, the current state and prospects for the development of Uzbek-Saudi relations, cooperation within international organizations, as well as preparations for a number of bilateral events in the near future were also discussed.

The parties highly appreciated the intensification of the multidisciplinary dialogue between the two countries in recent years and, in particular, the dynamic expansion of partnership in the investment, energy, trade and economic spheres.

It was noted that the volume of mutual trade since the beginning of this year has increased 13 times compared to the same period last year, mainly due to the increase in mutual supplies of textiles, fruits and vegetables, plastic and metal products.

The parties expressed mutual interest in intensifying work to expand the range and increase the indicators of trade.

At the same time, the parties noted with satisfaction the success achieved in the field of investment cooperation. Currently, the number of joint ventures with the participation of Saudi capital operating in Uzbekistan has reached 36, 4 large investment projects worth $2.7 billion are being actively implemented, as well as a number of socially oriented projects with a total value of $287 million.

Following the meeting, the parties agreed to maintain close contacts in order to accelerate the promotion of joint projects and initiatives, as well as monitoring the implementation of existing agreements.