Council of Saudi Chambers (CSC) organized today in Tashkent, capital of the republic of Uzbekistan the works of the Saudi-Uzbek Business Forum in presence of Uzbekistan's Deputy Minister of Investment and Foreign Trade, Vafaev Shukhrat Abdusharifovich and the Chairman of the Chamber of Commerce and Industry of the Republic of Uzbekistan,Ikramov Adkham Ilkhamovich and a wide participation of business circle in the Kingdom of Saudi Arabia and Uzbekistan. The 7.5 million USD volume of trade exchange between the two countries is below the level of expectation in light of the business opportunities and geographical proximity, said Abdulaziz AlMeshari, secretary General of CSC. He suggested in his speech at the forum to establish a mutual work mechanism for investment and trade cooperation and optimize bilateral agreements between the two countries. He called on Uzbek businesspersons and entrepreneurs to build on the business opportunities and stimulate environment in the Kingdom. He also called on Saudi businesses in the small and medium enterprises sector to invest in Uzbekistan, hoping Uzbek government will provide investment environments as well as protection for the Saudi capital. He highlighted the aspects of cooperation including investment in Uzbek agriculture products and marketing in Saudi and Gulf Cooperation Council (GCC) countries in addition to the joint tourism investment in Uzbekistan. Vafaev Shukhrat Abdusharifovich, Uzbekistan's Deputy Minister of Investment and Foreign Trade presented in his speech Uzbekistan's investment landscape and investment opportunities in all economic sectors, reiterating the Uzbek keenness to attract and facilitate Saudi investments. Chairman of the Chamber of Commerce and Industry of the Republic of Uzbekistan, Ikramov Adkham Ilkhamovich pointed to the economic reform in the country inclusive of economic liberalization, bringing the appropriate climate for foreign investors, facilitating foreign trade and consolidating legal and rights bases in business. Saudi Local Content and Government Procurement Commission presented at the forum a brief on its role in maximizing the participation level of economical establishments in Gross Domestic Product (GDP) outputs and increasing the demand for local contents and raising the rate of economic growth in the industrial sector.
