Azerbaijan, Uzbekistan eye investments, trade

Azerbaijani Economy Minister Mikayil Jabbarov and Uzbek Investments, Industry and Trade Minister Laziz Kudratov discussed mutual investments and trade turnover, Azernews reports.

The discussion was held during the Azerbaijani minister's visit to Uzbekistan.

The sides discussed the measures aimed to develop trade and economic partnership, noting that both countries are taking targeted steps for the implementation of the agreements signed during a meeting of the Joint Intergovernmental Commission on Cooperation in August 2021.

"The trade turnover between our countries increased significantly in 2022. Along with this, great chances exist for enhancing trade cooperation. The expansion of investment partnerships with Uzbekistan is also of utmost importance. In this regard, the Intergovernmental Agreement on the establishment of the Azerbaijan-Uzbekistan Investment Fund also plays a paramount role, which will contribute to strengthening ties between the regions and business circles of both countries. The issues reflected in the document will contribute to the growth of mutual investment and trade, as well as will reinforce economic cooperation," Jabbarov stressed.

Further, the parties emphasized the great potential for attracting Uzbek companies to projects in trade, investment, industry, and activities in the Araz Valley Economic Zone Industrial Park, the Aghdam Industrial Park, and the Alat Free Economic Zone, to the digital economy partnerships, and other areas.

Additionally, they discussed the current activity of the Joint Azerbaijani-Uzbekistan Intergovernmental Commission to expand economic cooperation and explored ways of increasing mutual investment.

Diplomatic relations between Azerbaijan and Uzbekistan were established on October 2, 1995. The embassy of Azerbaijan in Uzbekistan was established in August 1996, while the embassy of Uzbekistan in Azerbaijan was opened in July 1998.

The friendly relations between the two countries are based on shared values ??and historical ties, as well as a number of joint statements and agreements signed during bilateral visits and meetings.