The scale of Uzbek-Azerbaijani trade, economic and investment cooperation is increasing

On November 14 of this year, during his stay in Baku, the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov held a meeting with the Minister of Economy of the Republic of Azerbaijan Mikail Jabbarov, the PR center of the MIIT reports.

During the negotiations, issues of investment, trade and economic cooperation and industrial cooperation between the two countries were discussed.

In particular, the tasks of increasing the volume of bilateral trade turnover were considered. At the end of 2022, trade between Uzbekistan and Azerbaijan increased by 53% compared to the previous year, and in January-September 2023 – by 36.4%. They expressed readiness to intensify joint work to increase mutual trade to $1 billion a year.

Practical issues of the activities of the Uzbek-Azerbaijan Investment Company were discussed. An agreement was reached on the early appointment of management and expansion of the package of promising investment projects planned for financing from the fund.

The progress of the implementation of joint projects on the territory of the two countries for the construction of water treatment facilities, tourist facilities, organization of production of metal products and household appliances, medical equipment and medical products, as well as the creation of a textile cluster was examined in detail. Common positions and step-by-step mechanisms have been developed to speed up the practical implementation of projects.

The parties also welcomed plans to create think tanks that will play a key role in promoting economic and technological cooperation between countries, including the exchange of innovative ideas and technological solutions.

As a result of the meeting, mutual commitment to further expansion of cooperation was confirmed, specific plans and responsible leaders were identified for the accelerated implementation of the discussed projects and initiatives.