Tashkent, Uzbekistan (UzDaily.com) -- As a result of the Uzbek-Saudi Business Council, agreements were reached in the energy, chemical, electrical fields, on the development of infrastructure, agriculture, pharmaceuticals, information technology and transport.

On 17 August, President of the Republic of Uzbekistan Shavkat Mirziyoyev arrived in Jeddah as part of a state visit to Saudi Arabia.

The parties discussed issues of further expansion of mutually beneficial ties in the political, trade, economic, investment, cultural and humanitarian spheres. The need was noted for creating even more favorable conditions for building up contacts between business circles, increasing volumes, and diversifying the structure of mutual trade. Much attention in the negotiations was also paid to the introduction of the principles of the digital and green economy.

The President of Uzbekistan invited leading Saudi companies to take an active part in the privatization of commercial banks, large industrial facilities and infrastructure in Uzbekistan. One of the important steps in this direction was the introduction of a visa-free regime for entry into Uzbekistan for citizens of Saudi Arabia.

In addition, the parties expressed mutual interest in building up partnership in the field of energy and petrochemistry. At present, the implementation of large energy projects worth US$2.6 billion has begun in cooperation with ACWA Power. It was noted that partnership with Sabic in the chemical industry has promising prospects.

At the same time, the IV Meeting of the Uzbek-Saudi Business Council was held in Jeddah. It was attended by the heads of more than 30 largest Saudi companies, such as ACWA Power, 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 others.

As a result of the meeting, agreements were reached in the energy, chemical, electrical fields, on the development of infrastructure, agriculture, pharmaceuticals, information technology, transport, and 15 agreements and contracts were signed worth more than US$13.1 billion.