(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, October 29. A representative of the Ministry of Investment, Industry and Trade of Uzbekistan has signed an agreement with Riyadh Cables Group on the joint implementation of a project to establish a high-voltage cable production facility in Tashkent, Trend reports.

The document was signed during a working visit of the Uzbek delegation to the Kingdom of Saudi Arabia, led by Deputy Prime Minister Jamshid Khodjaev. The delegation also included Deputy Minister of Investment, Industry and Trade Shokhrukh Gulamov. The visit was aimed at deepening investment and industrial cooperation between the two countries.

The project, valued at $122 million, entails the establishment of a facility with an annual production capacity of 24,000 tons and is anticipated to generate 340 new employment opportunities.

During meetings with Saudi Minister of Investment Khalid Al-Falih and senior representatives of major Saudi enterprises, the parties examined prospects for expanding cooperation across the sectors of industry, energy, infrastructure, healthcare, and labor migration.

Furthermore, the parties endorsed a Practical Action Plan comprising more than 20 joint initiatives in the fields of energy, water supply, information technology, agriculture, and infrastructure, aimed at reinforcing the economic partnership between Uzbekistan and Saudi Arabia.

Meanwhile, in 2024, bilateral trade between Uzbekistan and Saudi Arabia totaled $142.4 million, while in the first eight months of 2025 it reached $111.5 million. At present, 27 enterprises with Saudi capital are operating in Uzbekistan, and 56 joint investment projects worth a total of $27.2 billion are being implemented. Of this amount, $900 million has already been disbursed since the beginning of 2025.

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