TODAY.AZ / Business

Uzbek-Azerbaijani trade sees over 80 pct growth

07 October 2019 [16:00] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan's close cooperation with member countries of the Cooperation Council of Turkic Speaking States (Turkic Council) in various areas creates opportunities to expand trade partnerships.

The trade turnover between Uzbekistan and Azerbaijan increased by 83 percent in January-July 2019 compared to the same period in 2018, Mammad Musayev, the President of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan (ASK), said at an Investment and Business Forum of Turkic Council member states held in Tashkent, Uzbekistan, on October 5.

“The trade turnover between Azerbaijan and Uzbekistan reached $38.6 million for the first seven months of 2019 showing 83 percent increase,” Musayev said.

He noted that there was trade growth in the last year as well. Thus, the trade turnover between the two countries made up $43.9 million in 2018, which is an increase of 46.3 percent compared to 2017.

Referring to the economic reforms in Azerbaijan, Musayev stressed that significant measures taken to develop non-oil sector in recent years have had a significant impact on the development of the country's economy.

He pointed out that the non-oil industry increased by 15.7 percent and trade turnover by more than 20 percent. “Azerbaijan's non-oil exports grew by 15 percent and agricultural production by 13 percent.”

Baghdad Amreyev, Secretary General of the Turkic Council, called Uzbekistan's accession to this organization an important event and outlined further steps to expand the cooperation between the member countries.

He recalled that the summit of the Turkic Council will be held in Baku on October 14-15 and stressed that the President of Uzbekistan Shavkat Mirziyoyev will also attend it.

The representatives from other countries also spoke at the event and spoke about projects to be further expanded. As part of the business forum, Turkic businessmen held bilateral meetings.

Azerbaijan was represented at the forum by a delegation of 55 people led by Mammad Musayev. Ambassador of Azerbaijan to Uzbekistan Huseyn Guliyev also attended the business forum.

The Cooperation Council of Turkic Speaking States was established in 2009 in Nakhchivan as an international intergovernmental organization with the overarching aim of promoting comprehensive cooperation among Turkic-speaking states. Its four founding member states are Azerbaijan, Kazakhstan, Kyrgyzstan and Turkey.

The Joint Chamber of Commerce and Industry of the Council's member countries was created in 2019. Discussions are underway to create a joint investment fund.

Recently, Uzbekistan has joined the agreement. In addition, Hungary is participating as an observer-state. After the Council was established, summits have been held in Almaty, Bishkek, Nursultan, Bodrum and Gabala. The next summit was decided to be held in Baku.

The member countries of Turkic Council invested over $12 billion in the economy of Azerbaijan, while Azerbaijan invested over $15 billion in the Turkic Council states.

Turkic Council is an important platform for the expansion of relations between the member-states. The Turkic Council plays an essential role in preserving the common culture and heritage of the Turkic peoples.


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