Saudi Arabia and Uzbekistan have signed 14 agreements and memoranda of understanding (MoUs), giving a major boost to bilateral trade and investments.
The agreements, signed between public and private sector companies of the two countries, covered a range of investment sectors, including air transport services, livestock, agriculture, sports, education, science, media, energy and technology, SPA reported.
The agreements are aimed at exploring investment opportunities, advancing partnerships between the Saudi and Uzbek private sectors and enhancing mutual investments in a number of target sectors.
The agreements also envisage exchange of data on available investment opportunities and link quality investment opportunities.
The signing ceremony in Jeddah was held in the presence of the Minister of Investment, Khalid bin Abdulaziz Al-Falih, and the Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan, Jamshid Khodjaev.
The agreements and memoranda of understanding come as part of the framework of strengthening efforts aimed at integration and cooperation between the two countries, promoting investments and increasing joint projects between Saudi and Uzbek companies.
Bilateral trade between the two countries has seen a five-fold growth to reach SAR 289 million this year, from SAR 65 million in 2021.
The value of the Kingdom’s exports to Uzbekistan grew by 20 percent in 2021, while its imports from Uzbekistan increased by 37 percent compared to that in the previous year, according to Federation of Saudi Chambers of Commerce data.
The chamber’s economic report, issued on the occasion of the visit of the President of Uzbekistan Shavkat Mirziyoyev to the Kingdom, said the value of trade balance in favor of Uzbekistan in 2021 increased by 37 percent over that of the previous year.
Saudi Arabia’s major export items to Uzbekistan included insecticides, minerals and chemical fertilizers, while its imports from Uzbekistan included fresh or dried fruits and crude zinc.
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