Uzbekistan

Government’s Plans for Investment Cooperation with Turkey and Saudi Arabia

President Chairs Meeting to Discuss Further Development of Trade and Economic Cooperation

At a recent meeting chaired by the President, important information was presented regarding measures that will be implemented to enhance trade and economic cooperation. The meeting focused on various initiatives aimed at boosting bilateral agreements and fostering investment cooperation with countries like Turkey and Saudi Arabia.

One of the key points discussed was the expansion of the range of goods covered by the bilateral Agreement on Preferential Trade. It was proposed to reduce tariffs and duties on textile, leather, footwear, electrical, and handicraft products. Additionally, plans are in place to establish a trade mission of Uzbekistan in Istanbul to enhance trade relations between the two countries.

Turkey’s experience in developing mountainous areas will serve as a model for a new road map aimed at the development of similar regions in Uzbekistan. Furthermore, the establishment of an agricultural insurance system and an Uzbek-Turkish Seed Testing Center meeting international standards were also highlighted as important goals.

In terms of investment cooperation with Saudi Arabia, significant progress has been made with the initiation of several large projects. The investment portfolio continues to expand, with a list of 34 investment projects worth $24.1 billion involving companies from the kingdom. Plans are underway to disburse $2.5 billion this year, including investments in key sectors such as transport, digitalization, infrastructure, healthcare, and energy.

Special attention was given to intensifying the activities of the Uzbek-Saudi Business Council. Emphasis was placed on finalizing negotiations and commencing work on new projects in areas such as ecology, the mining industry, and financial cooperation. These projects, with a total value of $6.5 billion, are expected to further strengthen economic ties between the two countries.

After reviewing the reports and plans, the President instructed responsible parties to ensure the full and high-quality development of foreign investments. Strict control measures will be put in place to monitor the implementation of projects and ensure their successful completion.

 

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