The IV meeting of the Uzbek-Saudi Intergovernmental Commission takes place in Riyadh
04/05/2021 18:25
The IV meeting of the Uzbek-Saudi Intergovernmental Commission takes place in Riyadh
04/05/2021 18:25
Tashkent, Uzbekistan (UzDaily.com) -- On 4 May 2021, under the chairmanship of Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Minister of Investments of the Kingdom of Saudi Arabia Khalid al-Falih, the IV meeting of Uzbek -Saudi Intergovernmental Commission on Trade, Economy, Investment, Technology, Culture, Sports and Youth was held in Riyadh.
The meeting was also attended by heads of relevant ministries, departments of the two countries, as well as heads of large Saudi companies and industrial holdings.
The agenda of the meeting covered a wide range of issues of bilateral investment, trade and economic, financial and technical, transport and logistics, cultural and humanitarian cooperation.
The heads of the delegations emphasized the accelerated pace of activation of the strategic, systemic and multifaceted partnership of the two countries, achieved thanks to the high level of mutual understanding in the elaboration and solution of issues at various levels, as well as the coordinated actions of the ministries and departments of the two countries, aimed at consistently expanding mutually beneficial cooperation.
At the same time, the need was voiced to build sustainable mechanisms for long-term economic partnership, which is especially relevant against the background of continuing negative trends in the global economy caused by the coronavirus pandemic.
There was a significant untapped potential of bilateral investment cooperation in such sectors as energy, chemical industry, agriculture, production of building materials, tourism, hotel business, transport and logistics. An agreement was also reached to accelerate the implementation of joint projects in the fields of health care, chemical and pharmaceutical industries.
Issues of mutual trade were raised separately and promising measures to intensify it were considered. In this context, the parties stressed that new joint projects of industrial cooperation could become a catalyst for the growth of trade between Uzbekistan and Saudi Arabia and expressed their readiness to work together in this direction.
Particular attention was paid to the development of partnerships in the financial sector, in the context of which the dialogue touched on the progress achieved in cooperation with the Saudi Development Fund (SDF) - since the beginning of this year, the Fund has financed a total of 10 projects worth about $ 300 million. Positively assessing the prospects for deepening cooperation in this area, the parties expressed their readiness for further cooperation to attract new partners from among Saudi investors and financial institutions to implement projects in Uzbekistan.
During the meeting, the creation of an Economic Support Fund in Uzbekistan with the support of the Islamic Development Bank was announced, whose task will be to support private entrepreneurship, as well as reduce poverty and increase employment and create new jobs through the implementation of investment projects in various sectors of the economy.
Also during the event, certain issues of cooperation in the cultural and humanitarian sphere were discussed: interaction with leading Saudi medical companies to modernize the national health care system and create medical clusters in Uzbekistan, including treatment and diagnostic, educational and research components, creating favorable conditions for the development of tourism infrastructure and increase of mutual tourist flows, the establishment of cooperation between the Center for Islamic Civilization in Uzbekistan and the Center for Islamic Studies named after King Faisal, and a number of other issues.
Following the meeting, a number of bilateral documents were signed in the field of energy, agriculture and standardization, as well as a final protocol reflecting the main directions of development of multifaceted Uzbek-Saudi cooperation in the medium and long term.
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