From June 3 to June 6 this year the Minister of Finance of the Kingdom of Saudi Arabia Ibrahim Bin Abd-al-Aziz al-Assaf visited Uzbekistan.

As a part of his stay in Uzbekistan Finance Minister Ibrahim al-Assaf has been received at the Oksaroy Residence by President of the Republic of Uzbekistan Islam Karimov. At the talks the sides have exchanged views on the issues of further extending the trade, economic and investment cooperation between Uzbekistan and the Kingdom of Saudi Arabia.

The ties between the two countries and particularly the investment cooperation are on the rise. The meeting of the Arab Coordination Group that took place in Tashkent in 2007 and which saw the participation of the representatives of the Saudi Development Fund resulted in securing the agreement to invest 800 million US dollars to Uzbekistan for implementation of about 20 priority projects in the sphere of healthcare, education, energy, transport and development of infrastructure. The contribution of the Saudi Development Fund is tangible in implementing those projects.

Uzbekistan and Saudi Arabia employ agreements on avoiding double taxation, promoting and protecting investments. The intergovernmental joint commission regularly holds its sittings. The two commerce and industry chambers signed the document of cooperation. In April 2009 the sides adopted the intergovernmental agreement on air communication.

The two countries also consistently develop the relations in the framework of the Organization of the Islamic Conference (OIC) and Islamic Development Bank (IDB).

The book by President Islam Karimov “The Uzbek People Will Never Depend on Anyone” has been issued in Saudi Arabia in Arabic. Saudi Arabia highly values Uzbekistan as a homeland of great thinkers who enormously contributed to the development of Islamic culture and civilization. The Kingdom has much welcomed the announcement by ISESCO, the Islamic Scientific, Educational and Cultural Organization, of Tashkent as the capital of Islamic culture in 2007. In this regard, the Saudi representatives also participated at the international events held on such occasion in Uzbekistan.

Also, as a part of his stay in Uzbekistan the Saudi Finance Minister Ibrahim al-Assaf held talks at the Ministry of Finance of the Republic of Uzbekistan. The sides noted the consistent development of cooperation between the two countries in socio-political, trade-economic, as well as investment and humanitarian spheres. On the outcomes of meeting the ministries of finance of Uzbekistan and Saudi Arabia signed the credit agreement on the project of reconstruction of the pumping station of Alat in Bukhara Province in Uzbekistan.

At the negotiations held at the Ministry of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan the sides said they stood ready to enhance the constructive dialogue on all directions of mutual interest.

In particular, the Saudi side has noted that the Kingdom positively assessed Uzbekistan’s successes in economic sphere. The delegation members have praised the pace of economic growth of Uzbekistan despite the global financial and economic crisis erupted last year worldwide. According to the Finance Minister Ibrahim al-Assaf, Uzbekistan’s economy as a whole and the financial system, in particular, are more protected from external shocks rather than those of the rest of the CIS countries.

As a part of its stay in Uzbekistan the Saudi delegation led by the Finance Minister Ibrahim al-Assaf also visited the ancient cities of Bukhara and Samarkand. There the delegation members saw the places of worth, sacred venues of worship of Muslims throughout the world, as well as has highly assessed the efforts of the nation’s Leadership aimed at reviving and preserving the great and rich historical and Islamic heritage.

As Finance Minister Ibrahim al-Assaf saw such places of worth in Samarkand as Imam al-Bukhariy Complex, Bibi-khonim Madrassah, Gur Amir Mausoleum, Registan Square, Shokhi Zinda Complex, Mirzo Ulugbek Observatory and Afrosiyob Museum he said that “he heard a lot about Samarkand and dreamt to visit this treasury of the world civilization. I praise the Lord Almighty for He has granted me such an opportunity.”

The head of Saudi delegation wrote an aide-mémoire in the book of honorable guests of the Imam al-Bukhariy Complex, which read as follows: “I am happy to visit and pay respect to the memory of Imam al-Bukhariy, the renowned and outstanding theologian and scholar of Islamic world. I welcome and praise the efforts and endeavors of President of Uzbekistan Islam Karimov aimed at preserving the great and rich Islamic heritage”.

The visit paid to the ancient cities of Uzbekistan made a deep impression on the Saudi delegation. Prior to flying back home the Saudi Finance Minister Ibrahim al-Assaf said that his visit has been full of substance and that he would report about its outcomes to the Saudi King. Mr. Ibrahim al-Assaf has thanked the Uzbek side, and particularly, the Leadership of Uzbekistan, for a warm welcome and attention rendered to the members of his delegation. He said he was confident that the cooperation between the Kingdom of Saudi Arabia and the Republic of Uzbekistan promises to be prospective since the country “enjoyed all potential opportunities to become a leading power not only in the region, but also in the world”.

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