Saudi-Uzbek Trade Relation to Strengthen Through Private Entities, States Minister

August 22, 2022

If the statement released by the minister is to be believed, then the Saudi-Uzbek economic ties can be strengthened via the private sector.

Areej M Alturki
Areej M Alturki
Founder, Nakla

As per the Kingdom Minister of Investment Khalid Al-Faith, the industrial merger between Saudi Arabia and Uzbekistan may be strengthened. This is possible if there is an increase in private sector engagement as the Kingdom strengthens its political and corporate connections with the Middle Asian nation.

In a recent interview held during the fourth meeting of the Business Council of Saudi-Uzbeki in Jeddah, Al-Falih stated that the President of the Republic of Uzbekistan interacted with the heads of the corporate entity in Saudi Arabia and discussed his thoughts on the development of the nation.

"He (the president) questioned the firms' plans for using Uzbekistan as a booming market, as well as the hurdles they would encounter." He heard for two hours and received an extremely favorable reaction," Al-Falih stated. "As is the situation elsewhere, there are a few difficulties and laws to get to market," he noted. He pledged to reduce those obstacles and create new chances."

During the conference, 15 contracts were finalized between firms from both nations, comprising ACWA Power's $2.4 billion wind project, according to Al-Falih. The minister also stated that foreign direct investments into Saudi Arabia are fast increasing and that this trend is supposed to grow in the upcoming days.

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