GCC – Central Asia summit to boost ties, Saudi minister strikes optimistic tone

Saudi Arabia‘s Minister of Investment Khalid bin Abdulaziz al-Falih is optimistic the first-ever Gulf Cooperation Council (GCC) – Central Asia summit in Jeddah on Wednesday will help boost investments, ensure economic expansion, and bolster bilateral ties between the two regions.

Officials from Uzbekistan, Kazakhstan, Tajikistan, Turkmenistan, and Kyrgyzstan and those from the six GCC countries – Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the UAE – are attending the high-profile discussions.

Al-Falih highlighted the noteworthy investments made by the Kingdom in Central Asia, while revealing Saudi Arabia’s interest in increasing and diversifying the volume of investments from the Central Asian nations, the Saudi Press Agency reported.

He said the Saudi Ministry of Investment is working with public and private sectors to build a safe and lucrative investment environment in the country, creating better opportunities for Central Asian investors.

Untapped Investment Opportunities For Saudi Entities In Central Asia

Much similar to the Saudi Vision 2030, countries in Central Asia also have strategic development plans, like the Kazakhstan 2050 Strategy. While these visions and strategies share differences in their details, their economic and investment goals are common.

According to al-Falih, Saudi entities can explore a number of untapped investment opportunities in vital sectors in Central Asia, including hydroelectricity and renewable energy, tourism, agriculture and health services.

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The minister highlighted several key investments made by the Kingdom in various parts of Central Asia. For instance, Saudi energy company ACWA Power is currently working on different renewable energy projects in Uzbekistan, Kazakhstan and Azerbaijan.

He underscored agreements and Memorandums of Understanding signed by the Fawaz Alhokair Group for investments in the tourism sector of Kazakhstan and by Dr. Sulaiman al-Habib Medical Group for investments in Uzbekistan’s healthcare sector.