President Mirziyoyev Strengthens Economic, Investment Ties with Türkiye and Saudi Arabia

President Mirziyoyev Strengthens Economic, Investment Ties with Türkiye and Saudi Arabia

Tashkent, The Gulf Observer: President Shavkat Mirziyoyev of Uzbekistan held a pivotal meeting to outline plans for enhanced economic and investment cooperation with Türkiye and Saudi Arabia. The meeting followed his official visit to Türkiye last week, where numerous significant agreements were finalized.

During the third meeting of the Uzbek-Turkish Strategic Cooperation Council and discussions with leading companies from both countries, 158 new projects worth USD 10.1 billion were established. These projects span various sectors including industry, energy, mining and geology, transport, healthcare, and agriculture.

At the meeting, detailed measures for further development of trade and economic cooperation were presented. Key initiatives include expanding the range of goods under the bilateral Preferential Trade Agreement, reducing tariffs and duties on textiles, leather, footwear, electrical goods, and handicraft products. Additionally, plans were made to open a trade mission of Uzbekistan in Istanbul.

The roadmap for developing mountainous areas using Turkish expertise, the introduction of an agricultural insurance system, and the establishment of an Uzbek-Turkish Seed Testing Center meeting international standards were also discussed.

President Mirziyoyev gave directives to expand the portfolio of promising projects with major Turkish companies and enhance interregional cooperation.

Investment cooperation with Saudi Arabia is also progressing robustly. A list of 34 investment projects valued at USD 24.1 billion involving Saudi companies has been compiled. This year, USD 2.5 billion is expected to be disbursed, including USD 1.5 billion for 13 additional projects in transport, digitalization, infrastructure, healthcare, and energy.

Special attention was given to the activities of the Uzbek-Saudi Business Council. The President emphasized the importance of completing negotiations and commencing practical work on new projects in ecology, the mining industry, and financial cooperation, totaling USD 6.5 billion.

President Mirziyoyev reviewed the reports and plans, instructing responsible officials to ensure the thorough and high-quality development of foreign investments. He stressed the necessity of maintaining a constant dialogue with investors, creating favorable conditions, and systematically addressing issues during project implementation.

This strategic approach aims to solidify Uzbekistan’s economic ties with Türkiye and Saudi Arabia, fostering sustainable growth and mutual benefits through collaborative investments and projects.