Tashkent, Uzbekistan (UzDaily.com) -- On 17 August this year, on the sidelines of the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Kingdom of Saudi Arabia, the 4th meeting of the Uzbek-Saudi Business Council was held in Jeddah.

The event was attended from the Saudi side by the Minister of Investment of Saudi Arabia Khalid al-Falih, Co-Chairman of the Business Council - Chairman of the Board of ACWA Power Muhammad Abunayan, heads of more than 30 largest Saudi companies, such as Dr. Sulaiman Al-Habib Medical Group, Jamjoom Pharma, Al-Rajhi International Investment, Flynas, Al Safeer Travel, Tourism and Umrah Services, Silk Road Co., Alfaris International Group, Al-Moatasem Trading Company, United Feed, Nesma Infrastructure & Technology, Mepco, Almutlaq Group, Umm Al Qura Development & Construction, Bin Dawood Holding Company, Batterjee Group Company, BMG Financial Advisor, and from the Uzbek side - Deputy Prime Minister - Minister of Investments and Foreign Trade Jamshid Khodjaev, heads of ministries, departments, industry associations, commercial banks and large industrial enterprises.

During the speeches, the sides emphasized the high level and trusting nature of the relationship, which has been strengthened due to the desire of the leadership of the two countries to expand multi-level ties. The existing opportunities for the development of cooperation in the investment, industrial, trade and economic spheres are analyzed. Uzbek and Saudi companies are invited to more active interaction in order to increase the number and expand the scope of implementation of investment agreements and trade contracts.

The Saudi side noted the effectiveness of the reforms carried out in Uzbekistan. In particular, a high assessment was given to the conditions created for the comfortable activities of foreign investors, the improvement of the investment climate in recent years, which stimulates the inflow of foreign direct investment into the country.

Also, Saudi companies were informed in detail about the industrial potential of the country, and the prospects for developing cooperation in the fields of pharmaceuticals, chemical and petrochemical industries, agriculture and other areas. The heads of the relevant ministries, departments and industry associations held presentations on the investment and industrial potential of each industry, presented specific promising project proposals.

During the session of open discussions, the participants were able to get acquainted with specific project proposals, mechanisms for protecting foreign investments and foreign trade activities in Uzbekistan, and success stories of other companies. And meetings in the G2B and B2B formats, in turn, made it possible to analyze the prospects for interaction, understand the interests and needs of potential partners, and discuss new ideas and investment projects.

As a result of the 4th meeting of the Business Council, a signing ceremony was held, during which 15 joint documents were signed that determine the prospects for the implementation of specific projects in Uzbekistan in the fields of energy, chemical industry, infrastructure and housing construction, pharmaceuticals, medicine, transport and logistics. The total amount of contracts exceeds US$13.1 billion, which is an exceptional result in the history of relations between the two countries over the past 30 years.