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Uzbek Businesses Encouraged to Enter Saudi Market

Uzbek Businesses Encouraged to Enter Saudi Market

Saturday, 26 March, 2022 - 08:45
Part of the Saudi-Uzbek Joint Committee meeting in Tashkent (Asharq Al-Awsat)

Saudi Arabia’s Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih on Thursday concluded a two-day official visit to Uzbekistan during which he co-chaired the fifth meeting of the Saudi-Uzbek Joint Committee and attended the Tashkent International Investment Forum.

Al-Falih led a delegation of more than 60 Saudi government representatives and leading companies from the Saudi private sector, who discussed collaboration in transport, health, agriculture, trade and investments, energy, and petrochemicals.

During the visit, the minister of investment met with the Uzbekistan President Shavkat Mirziyoyev and discussed means of reinforcing partnerships and economic and investment ties between Riyadh and Tashkent.

Al-Falih also took the opportunity to stress the many similarities between Saudi Arabia and Uzbekistan, such as clear visions for progress, both nations’ young and dynamic populations and growing roles for the private sector for their respective economies.

Al-Falih also joined Uzbekistan’s Deputy Prime Minister and Minister of Investments and Foreign Trade, as well as the Minister of Agriculture, for the fifth session of the Saudi-Uzbek Joint Committee, where he highlighted the investment opportunities in the Kingdom.

“Both of our great nations have embarked on ambitious national economic diversification journeys and expansive programs of reforms,” said Al-Falih.

“We are now taking our rightful places on the international stage as hubs for trade and investment, offering unique investment opportunities and significant returns for the world’s investors and entrepreneurs,” he added.

“I am convinced that together we can elevate the existing Uzbek-Saudi partnership to an even higher level,” affirmed the minister.

“We’re excited by the investment potential that Uzbekistan offers and we look forward to helping Uzbek businesses to take advantage of the exciting long-term growth potential of the Saudi market,” said Al-Falih.

In other news, The Saudi Agricultural and Livestock Investment Co., SALIC, a wholly-owned subsidiary of the Public Investment Fund, signed an agreement to acquire 35.43 percent of Olam Agri Holdings for SR 4.65 billion ($1.24 billion).

The transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant authorities, SALIC said in a statement.

“Our partnership with Olam Agri aims to develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector,” SALIC CEO Sulaiman Al Rumaih said.

He added that SALIC has extensive experience in the food and agriculture sector, which contributes to maintaining food security in Saudi Arabia.

“Further, the partnership with Olam will enrich SALIC’s roles to deliver food security in the Kingdom,” he said.

Al Rumaih explained that Olam’s commercial success, expertise, scale in key commodity sourcing, and processing will add significantly to SALIC’s international portfolio, Al Rumaih explained.

He also pointed out that SALIC will continue to integrate both existing and future investments.

Olam is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed, present in 30 countries with more than 9,100 employees.

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