Uzbekistan Secures Over $34.2 Billion In Investments From Türkiye And Saudi Arabia
Under the leadership of President Shavkat Mirziyoyev, Uzbekistan is enhancing its economic and investment partnerships with Türkiye and Saudi Arabia. Recent high-level visits and strategic meetings have resulted in agreements and projects totaling over $34.2 billion, aimed at fostering mutual economic growth and cooperation.
Strengthening Ties with Türkiye
During President Mirziyoyev’s official visit to Türkiye, substantial progress was made in strengthening bilateral relations. The third meeting of the Uzbek-Turkish Strategic Cooperation Council, alongside discussions with top business leaders from both nations, resulted in the formation of 158 new projects valued at $10.1 billion. These projects span various sectors, including industry, energy, mining, geology, transport, healthcare, and agriculture. Key initiatives from these meetings include expanding trade under the bilateral Agreement on Preferential Trade, reducing tariffs and duties on textile, leather, footwear, electrical, and handicraft products, establishing a trade mission for Uzbekistan in Istanbul, developing a road map for mountainous area development based on Turkish experience, introducing an agricultural insurance system, and creating an Uzbek-Turkish Seed Testing Center meeting international standards. President Mirziyoyev has directed efforts to broaden the project portfolio with major Turkish companies and enhance interregional cooperation.
Expanding Investment with Saudi Arabia
Investment cooperation with Saudi Arabia is also thriving, marked by the initiation of several large-scale projects. An investment portfolio comprising 34 projects with a total value of $24.1 billion has been developed with Saudi partners. For the current year, $2.5 billion in investments will be utilized, including $1.5 billion allocated to 13 additional projects focusing on transport, digitalization, infrastructure, healthcare, and energy. The Uzbek-Saudi Business Council has been tasked with intensifying its activities, emphasizing the finalization of negotiations and the commencement of new projects valued at $6.5 billion in the fields of ecology, the mining industry, and financial cooperation. President Mirziyoyev, after reviewing detailed reports and future plans, has instructed responsible parties to ensure the comprehensive and high-quality development of foreign investments. Emphasis has been placed on maintaining continuous dialogue with investors, creating favorable conditions for investment, and systematically addressing any challenges that arise during project implementation.
