By Trend

Uzbekistan plans to expand investment, trade and economic cooperation with Saudi Arabia, Trend reports via the Uzbek Ministry of Investment and Foreign Trade.

Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov discussed this issue with the Minister of Investments of the Kingdom of Saudi Arabia Khalid Al-Falih.

The parties discussed the prospects for the implementation of new projects in such areas as the chemical, metallurgical, mining and textile industries, as well as agriculture, and agreed to work together to attract Uzbek and Saudi businesses to participate in these projects.

Currently, about 40 enterprises with Saudi capital operate in Uzbekistan. Projects with such leading Saudi companies as ACWA Power, Al-Habib Medical Group and others are being successfully implemented.

During the negotiations, special attention was paid to projects aimed at ensuring food security. The parties agreed to form a separate investment portfolio in the field of agriculture and processing of agricultural products, which provides for the introduction of innovative and water-saving technologies. Cooperation in the textile industry was also discussed.

As a result of the meeting, further joint actions were identified aimed at finding new points of intersection of mutual interests and expanding mutually beneficial investment cooperation between the two countries.