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Saudi-Uzbek Committee Discusses Investment Opportunities Worth $31 Bn

Saudi Minister of Investment Engineer Khalid al-Falih and Uzbek Deputy Prime Minister Jamshid Khodjaev during the meeting of the Saudi-Uzbek Joint Committee (Asharq Al-Awsat)
Saudi Minister of Investment Engineer Khalid al-Falih and Uzbek Deputy Prime Minister Jamshid Khodjaev during the meeting of the Saudi-Uzbek Joint Committee (Asharq Al-Awsat)
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Saudi-Uzbek Committee Discusses Investment Opportunities Worth $31 Bn

Saudi Minister of Investment Engineer Khalid al-Falih and Uzbek Deputy Prime Minister Jamshid Khodjaev during the meeting of the Saudi-Uzbek Joint Committee (Asharq Al-Awsat)
Saudi Minister of Investment Engineer Khalid al-Falih and Uzbek Deputy Prime Minister Jamshid Khodjaev during the meeting of the Saudi-Uzbek Joint Committee (Asharq Al-Awsat)

The Saudi-Uzbek Joint Committee is set to discuss 50 potential investment opportunities worth approximately $31 billion in Uzbekistan, Minister of Investment Khalid al-Falih has announced.

The Committee held its sixth meeting in Riyadh, chaired by Falih from the Saudi side and the Deputy Prime Minister, Jamshid Khodjaev, from the Uzbek side.

Falih pointed out that these projects aim to achieve the target of $110 billion in foreign investments within the goals of the Uzbekistan 2030 strategy.

The Saudi Minister emphasized the compatibility of economic goals through Uzbekistan's National Development Strategy 2023-2030, the Kingdom's Vision 2030, and the National Investment Strategy.

He also pledged full support for the efforts of the Saudi-Uzbek Business Council, which plays a crucial role in bringing together the private sectors of both countries.

The meeting aimed to identify specific areas of cooperation between the two countries.

The meeting discussed several topics related to developing bilateral cooperation in the economic, trade, and investment fields. It also reviewed the promising investment opportunities between the two countries and the business environment in both nations.

The meeting stressed the importance of strengthening joint work and pushing relations to new and promising horizons, boosting the economic and social partnership between the two countries and transferring it to a broader scope.

It also addressed the continued work to enable partnership between the private sector, encourage mutual investments, enhance trade exchange, and overcome any challenges facing the development of economic relations.

Furthermore, the two sides praised the joint projects and investments in energy, renewable energy, health, infrastructure, agriculture, and human resources development.

The meeting concluded with the signing of several memorandums of understanding between the private sectors of the two countries and the minutes of the sixth committee meeting that included multiple joint initiatives and work programs.

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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili

The United States and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, US Energy Secretary Chris Wright said on Sunday.

Wright spoke at a press conference in the Saudi capital Riyadh where he arrived from the United Arab Emirates on Saturday as part of a regional tour that will also take him to Qatar.

His visit comes amid world economic turmoil over the tariffs imposed by US President Donald Trump. But Wright said that these tariffs don’t seek to restrict trade, rather they aim for fair and reciprocal trade.

His visit also comes ahead of an expected visit by Trump to the Kingdom, the UAE and Qatar in May to consolidate relations.

The US Energy Secretary told journalists at the Saudi Energy Ministry that Riyadh and Washington were on a "pathway" to reaching an agreement to work together to better develop energy resources and energy infrastructure, in addition to mining cooperation, civilian nuclear technology and energy production.

Wright said further details over a memorandum detailing the energy cooperation between Riyadh and Washington would come later this year.

Saudi Minister of Energy Prince Abdulaziz bin Salman announced last September that the Kingdom is working to develop peaceful uses for nuclear energy across various fields.

In his press conference on Sunday, Wright discussed the meetings he has held in Riyadh. There have “been very wide ranging dialogues for a day and a half now and they're going to continue. We've talked about energy in all aspects of energy. We've talked about mining, critical materials. We've talked about processing in industry. We've talked about climate change. We've talked about human lives and what drives their improvement and how best to achieve those ends,” he said.

On Saturday, Prince Abdulaziz met with Wright at King Abdullah Petroleum Studies and Research Center (KAPSARC) where the US official was briefed on the Center's role in the fields of energy policy research and its transitions, climate change, sustainable transportation, and consultancy services, in addition to the development of models and analytical tools that contribute to finding solutions to current challenges in the energy sector. They also discussed opportunities for cooperation in energy research, exchange of expertise, and strengthening joint research efforts.

Wright said Sunday that he believed “Saudi Arabia will be one of the leading countries in investing in the United States. I think that's a win for the Kingdom here. It's a win for the United States. And for us, most importantly, it's a win for the working class and American citizens to have better job opportunities.”

He added that the “broader objectives” of the US and Saudi Arabia “are prosperity at home and peace abroad.”

Wright also said in response to a question by Asharq Al-Awsat that tariffs are part of Trump's economic agenda.

He said Trump is trying to grow the flow of goods outside the United States into other countries while sustaining imports and engagement with countries from around the world. “So that's a way you could describe this. Fair trade, not restricted trade, just fair trade, reciprocal trade.”

He added that the United States has seen a lot of its intensive industries, particularly energy, move outside of the country and be outsourced somewhere else. “Too many Americans have seen their job opportunities shift overseas.”

“So tariffs are also a way to give a nudge and encourage investment into our country, to make products in our country, to grow economic opportunity and prosperity in America.”