Uzbekistan, Saudi Arabia sign new agreements worth $12 billion

Uzbekistan’s President, Shavkat Mirziyoyev, received a delegation from Saudi Arabia led by the Saudi Minister of Investment, Khaled al-Falih, where the parties signed new agreements worth $12 billion.

The parties discussed issues of expanded multifaceted cooperation and broad partnership between Uzbekistan and Saudi Arabia, including “unconditional practical implementation” of the conventions at the highest levels.

Uzbekistan’s President drew attention to the dynamic development of mutually beneficial cooperation in recent years, the growth of mutual trade indicators, the volume of Saudi direct investment in Uzbekistan’s economy, especially in the field of “green” energy, and the increase in Saudi direct investment in Uzbekistan’s economy.

With the support of the Saudi Development Fund, a number of projects are being implemented in the areas of health care, education, water supply, and other areas, and a joint fund is being established to expand Uzbekistan’s economic opportunities.

As part of the current visit of the Saudi delegation, agreements have been signed on the implementation of projects in the fields of chemistry, energy, agriculture, pharmaceuticals, information technology, and infrastructure development worth $12 billion.

An agreement was reached to encourage new projects and programs totaling $11 billion in transport infrastructure and utilities, geology, irrigation, domestic waste treatment, higher education, and labor migration.

The partnership was emphasized with Acwa Power, Uzbekistan’s largest investor and strategic partner in green energy development, where the company is currently implementing $7.5 billion worth of projects in Uzbekistan.

Uzbekistan’s President, Shaukat Mirziyoyev, welcomed the launch of a 1.5 GW thermal power plant in the Serdaria region and the commencement of the pilot production of “green hydrogen” in the Tashkent region.