(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 25. A number of
documents were signed within the framework of the Uzbek-Azerbaijani
inter-regional forum, trend reports via the Ministry of Economy of
Azerbaijan.
The First Uzbek-Azerbaijani Inter-regional Forum was held in
Tashkent on February 25, with the support of the Ministry of
Investments, industry and Trade of Uzbekistan and the Ministry of
Economy of Azerbaijan.
During the event, an intergovernmental agreement on the
establishment of an Uzbekistan-Azerbaijan investment fund,
documents on the establishment of twin city relations between the
cities of Khiva and Shusha, Samarkand and Ganja, Bukhara and
Lankaran, Kokand and Shaki were signed.
Besides, the parties signed a roadmap to expand practical
cooperation in trade, economic, scientific, technical, cultural and
humanitarian spheres between the Tashkent Executive Power and the
Baku Executive Power Baku for 2023-2025, and Memorandum of
Understanding between the Azerbaijan Export and Investment
Promotion Agency (AZPROMO) under the Ministry of Economy of
Azerbaijan and the Agency for Regulation of the Alcohol and Tobacco
Market and the Development of Winemaking of Uzbekistan.
The signed documents also include Memorandum of Cooperation
between the Azerbaijan Small and Medium Business Development Agency
(SMBDA) under the Ministry of Economy and the Agency for
Entrepreneurship Development under the Ministry of Economic
Development and Poverty Reduction in Uzbekistan, Memorandum of
Understanding and Cooperation Agreement between AzerGold CJSC and
the Ministry of Mining and Geology of Uzbekistan Memorandum of
Cooperation and Interaction between Mega Invest Industrial and
NABUCCO A&C companies, as well as cooperation agreement between
Cahan Industrial Complex LLC and Azimut Plus company.
Speaking at the event, Minister of Economy of Azerbaijan Mikayil
Jabbarov noted that last year an increase of more than 63 percent
took place in the sphere of trade, one of the main directions of
economic cooperation.
The minister noted a wide potential between the countries for
effective partnership in the areas of investment, metallurgy,
automobile production, agricultural and household appliances,
organizing joint activities in the industrial zones of Azerbaijan
and in other areas.
According to him, the Azerbaijani-Uzbek Investment Fund under
establishment will play a significant role in economic cooperation,
the implementation of new investment projects, and the creation of
jobs.
Jabbarov also noted that, at the initiative of the President of
Uzbekistan Shavkat Mirziyoyev, the construction of a school for 960
students continues in Azerbaijan's Fuzuli district, which is
another clear evidence of the close ties between the peoples of the
countries.
Besides, the minister emphasized broad prospects for the
development of relations between the regions of the two countries
and the First Uzbek-Azerbaijani Inter-regional Forum is an
important platform for the implementation of joint initiatives.
Minister of Investments, Industry and Trade of Uzbekistan Laziz
Kudratov, speaking at the forum, stressed that the expansion of
business ties, the establishment of relations between the regions
of Uzbekistan and Azerbaijan will serve to further strengthen
mutually beneficial partnership.
In addition, the third meeting of the Uzbek-Azerbaijani Business
Council was also held within the framework of the forum. During the
event, the work carried out in accordance with the tasks identified
at the previous meeting, as well as steps aimed at expanding
relations between the business entities of the two countries, was
discussed.
Trade turnover between Azerbaijan and Uzbekistan in 2022
amounted to $181.9 million. Exports from Uzbekistan to Azerbaijan
last year equaled $132.3 million, while $49.5 million accounted for
imports. In January 2023 alone, the trade turnover between the two
countries exceeded $11 million.