(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 24. The
Azerbaijan-Uzbekistan Investment Fund facilitates the growth of
mutual investments and trade turnover, trend reports citing the
Azerbaijani Ministry of Economy.
The matter was discussed during the visit of an Azerbaijani
delegation led by Minister of Economy Mikayil Jabbarov, to
Uzbekistan.
During the visit, the minister met with Minister of Investments,
Industry and Trade of the Republic of Uzbekistan Laziz
Kudratov.
Touching on the measures aimed to develop trade and economic
partnership, the sides noted that both Azerbaijan and Uzbekistan
were 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
partnership 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,'
Azerbaijan's ministry said.
The officials emphasized the great potential for attracting
Uzbek companies to projects in trade, investment, industry,
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.
Minister Kudratov stressed Uzbekistan's interest in implementing
joint projects with Azerbaijan in various economic sectors, noted
targeted measures to expand economic ties, and the significance of
the signed documents, as well as shared his vision for the further
development of partnership.
In addition, the parties discussed the current activity of the
Joint Azerbaijani-Uzbekistan Intergovernmental Commission to expand
economic cooperation, and explored ways of increasing mutual
investment.
The trade turnover between Azerbaijan and Uzbekistan amounted to
$181.9 million in 2022. Azerbaijan's imports from Uzbekistan
totaled $132.3 million, while exports accounted for $49.5 million.
In January 2023, the trade turnover between the two countries
exceeded $11 million.
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