TASHKENT: The business communities of Pakistan and Uzbekistan on Saturday welcomed the Kingdom of Saudi Arabia’s $20 billion investment in Uzbekistan’s energy sector.
Chairman of the Chamber of Commerce and Industry of Uzbekistan, Vakhabov Davron Abdujalolovich said that the Kingdom’s Energy Minister Prince Abdulaziz bin Salman had announced the huge investment at the Tashkent International Investment Forum (TIIF) opening ceremony on May 2. The investment pledge is set to initiate diverse energy projects, involving both government and private sector entities.
Abdujalolovich said that Saudi Arabia’s investment not only presents opportunities for Uzbekistan’s business community but also for Pakistani entrepreneurs, fostering potential collaborations on various bilateral projects. The execution of these projects will also benefit other regional countries.
Deputy Chairman of Kazakhstan Commodity Exchange, Nabikhon Samatov Samatov, noted the existing bilateral cooperation agreement between Pakistan and Uzbekistan Commodity Exchanges, foreseeing expanded opportunities for Pakistani businessmen in light of Saudi Arabia’s investment announcement. He highlighted the regional benefits that will ensue from such a significant injection of funds into the energy sector.
Habib Mamsan, a governing member of Pakistan Mercantile Exchange and head of the visiting businessmen delegation at the Tashkent International Investment Forum, underscored the longstanding cooperation between the business communities of Pakistan and Uzbekistan.
He hailed the Saudi investment as a boon for regional economies, anticipating a surge in bilateral economic relations, particularly in the commodity sector.
The Tashkent International Investment Forum witnessed the signing of over 10 investment agreements on its inaugural day, with major companies like ACWA Power, Masdar, and Bonfarm Group among the signatories. With approximately 2.5 thousand delegates from 93 countries are participating in the forum, signaled a growing interest in international investment opportunities.
The event catalyzed discussions on key sectors such as energy, geology, and food processing while emphasizing the importance of green technologies. The signed agreements are poised to inject significant investments into these industries, fostering economic growth and innovation.
Moreover, the forum provided a platform to address current challenges and explore future prospects in each sector, with tangible plans and projects outlined in the signed agreements. This collaborative effort is expected to not only strengthen business ties but also create new avenues for international cooperation.
