Tashkent, Uzbekistan (UzDaily.com) -- On 6 January, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov held talks via videoconference with Minister of Investment of the Kingdom of Saudi Arabia (KSA) Khalid al-Falih.

During the talks, the current state and prospects for the development of bilateral cooperation in the trade, economic, investment, energy sectors, as well as measures to accelerate the implementation of agreements signed during the state visit of the President of the Republic of Uzbekistan to the Kingdom of Saudi Arabia in August 2022 were discussed.

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. At the same time, it was noted that together with ACWA Power, 5 projects with a total value of more than US$4.2 billion are being successfully implemented. We are talking about power plants with a total capacity of 4.1 GW of electricity in the Bukhara, Syrdarya regions and the Republic of Karakalpakstan.

“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,” Laziz Kudratov said.

In this context, a constructive exchange of views and proposals took place on accelerating the implementation of joint projects in the field of alternative energy, the banking sector, the chemical, pharmaceutical industry, telecommunications, healthcare, agriculture and retail trade with such large Saudi companies as Sabic, Saudi Telecom, Dr. Sulaiman Al-Habib Medical Group, Jamjoom Pharma, Al Rajhi International and Ajlan & Bros Holding Group, Al Hokair Group, and Saudi National Bank. The possibilities of attracting Saudi investments in the implementation of large regional transport and logistics, energy and infrastructure projects were considered separately. The Saudi side assured the Uzbek colleagues of its readiness to provide comprehensive support in ensuring the successful implementation of the discussed initiatives.

Following the talks, the parties agreed to continue joint activities to promote the agreements reached within the framework of strategic cooperation between Uzbekistan and Saudi Arabia.