Tashkent, Uzbekistan (UzDaily.com) -- On 28 November 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a meeting via videoconference with Minister of Investments of the Kingdom of Saudi Arabia Khalid al-Falih. 

The sides discussed the current state and measures to accelerate the implementation of investment agreements signed during the visit of the Head of State Shavkat Mirziyoyev to the Kingdom of Saudi Arabia in August this year.

The heads of relevant ministries and departments, industry associations of the two countries also took part in the talks.

Considering the agenda of multifaceted bilateral relations, the parties stressed that the existing positive dynamics is based on trusting relations between the leadership of the two states. In this context, readiness was expressed to intensify cooperation with the aim of high-quality and timely implementation of the agreements reached.

The practical aspects of investment cooperation in the energy sector were discussed. Currently, ACWA Power is implementing 5 projects with a total cost of over US$4 billion and a design capacity of over 4.1 GW. An agreement was reached to take concrete measures to accelerate the implementation of ongoing projects, as well as to complete the development of a new investment program for US$10 billion, which includes the development of renewable and hydrogen energy.

The progress of work on the implementation of investment projects in the chemical sector was considered, bearing in mind the organization of the production of propylene from methanol using the MTP technology for US$1.31 billion. In December this year, a delegation of Saudi companies is scheduled to visit to accelerate the development of technical and technological parameters of the project.

The course of work in the medical and pharmaceutical industries was discussed in a similar constructive vein. It was about the reconstruction of 5 hospitals in Tashkent and Tashkent region, the creation of the Al-Habib Medical Academy and the establishment of pharmaceutical production. The Saudi side expressed its readiness to send a group of specialists in order to expedite the implementation of all preparatory procedures and the preparation of project documentation.

During the dialogue, prospects for the joint implementation of projects in the field of agriculture were also considered. Measures have been agreed to study climatic conditions and soil quality. Based on the results of the analysis, work will be launched on an area of over 1.8 thousand hectares in the Navoi and Tashkent regions using best practices and technologies by experts from Al Rajhi International and Ajlan & Bros.

The parties discussed the prospects for concluding an Agreement between the State Investment Fund of Saudi Arabia and the Fund for Reconstruction and Development of Uzbekistan on co-financing joint investment projects, as well as the creation of an Index Equity Fund in Uzbekistan with the assistance of the State Investment Fund of Saudi Arabia.

The possibility of attracting investments from Saudi Arabia in the implementation of infrastructure projects of regional importance in Afghanistan, including the construction of the Uzbekistan-Afghanistan-Pakistan railway line and the Surkhon-Puli-Khumri power line, was considered separately.

Following the meeting, the parties expressed their firm commitment to the timely practical implementation of all the discussed projects and the further expansion of mutually beneficial cooperation.