OREANDA-NEWS  On 09 June was announced, that President of Uzbekistan Islam Karimov received the minister of finance of Saudi Arabia Ibragim Abdulaziz Al-Assaf at Oqsaroy residence in Tashkent.

“Saudi Arabia has a vast potential, and Uzbekistan attaches great importance ot relations with this state,” Islam Karimov said at the meeting.

The sides exchanged views on the issues of development of economic and investment cooperation between Uzbekistan and Saudi Arabia.

The finance minister of Saudi Arabia said his country’s financial establishments were interested in participation in investment projects in Uzbekistan.

Uzbekistan’s cooperation with Saudi Arabia, in particular, investment cooperation, has been expanding year to year. At the Arab Coordination Group session in Tashkent in 2007, the agreement was reached on investing USD 800 million in about 30 priority projects in Uzbekistan.

These projects would cover fields of healthcare, education, energy, transport and infrastructure development. The Saudi Development Fund plays an important role in implementation of these projects.

Uzbekistan and Saudi Arabia had signed agreements on avoidance of double taxation and mutual stimulation and protection of investments. An intergovernmental joint commission regularly holds sessions. The commerce and industry chambers of the two countries had signed a cooperation document. In April 2009, the governments of Uzbekistan and Saudi Arabia signed an agreement on air communication.

The relations between the two states are developing in the framework of the Islamic Conference Organization and the Islamic Development Bank.