22 June 2022

Uzbekistan, Azerbaijan sign trade agreements worth over $500 million

On the eve of the presidential visit of Azerbaijan to Uzbekistan, an Uzbek-Azerbaijani business forum was held in Tashkent, in which representatives of the business circles of the two countries took part.

During the event, the heads of delegations – Deputy PM – Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and Minister of Economy of Azerbaijan Mikayil Jabbarov noted the commitment of the governments to establishing strong direct ties between the business communities of the two countries, the MIFT press service reported.

Within the framework of the forum, panel sessions were held in the B2B and G2B format, during which representatives of the Uzbek and Azerbaijani businesses were able to substantively discuss the prospects for business cooperation based on specific project proposals.

As a result of the forum, a number of agreements were signed on the implementation of joint projects and trade contracts worth more than $500 million, as well as 10 agreements on practical cooperation between the relevant ministries and departments of Uzbekistan and Azerbaijan.

The parties noted the significant untapped potential of the economies of the two states and the existing prerequisites for further building up mutually beneficial partnerships in such areas as petrochemical, chemical, electrical, textile, food, pharmaceutical, jewelry, automotive and other industries.

It was noted that the consistent diversification of economic cooperation will allow Uzbek and Azerbaijani manufacturers to create new value chains and jointly enter the markets of third countries.

In addition, the introduction of specific measures was announced to stimulate an increase in mutual and transit cargo transportation through the territories of the two countries, which will deepen Uzbek-Azerbaijani cooperation in the field of transport and logistics.