During the visit of the Government delegation to Saudi Arabia on 3 May, the Deputy PM/Minister of Investment and Foreign Trade Sardor Umrzakov met with the leadership of the Ministry of Labor and Social Development and the State Investment Fund.
The parties discussed the current state and ways to advance the cooperation in the field of labor relations. It was noted that based on the need for skilled labor in the economic sectors of the two countries, it is necessary to form a regulatory framework governing labor relations between Uzbekistan and Saudi Arabia by signing an intergovernmental agreement on cooperation in the field of external labor migration.
In order to systematize bilateral cooperation in the field of labor relations, the prospects of opening a representative office of the Uzbek Agency for External Labor Migration in Saudi Arabia were considered.
During the talks with the representatives of the State Investment Fund of Saudi Arabia, the prospects of establishing practical cooperation between the Fund for Reconstruction and Development of Uzbekistan and the Direct Investment Fund on the implementation of joint projects and initiatives were considered.
The State Investment Fund of Saudi Arabia is one of the largest sovereign wealth funds in the world with total assets of ГЫ$ 390 billion. The fund was established in 1971 to provide financial support to projects of strategic importance to the national economy of Saudi Arabia.