Azerbaijan's Khankendi To Welcome New Textile Plant Backed By Uzbek Investors - Minister

8/22/2024 6:10:35 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 22. Textile production is set to begin in Khankendi soon, Azerbaijani Economy Minister Mikayil Jabbarov said at the Uzbek-Azerbaijani business forum in Tashkent, Trend reports.

“The opening of textile production in Khankendi is expected in the near future. This investment project is implemented by an Uzbek company,” he said.

The Azerbaijani Minister also noted the rapid development of the economies of Azerbaijan and Uzbekistan.

“We are witnessing growing interest from Azerbaijani businesses in operating in Uzbekistan. Similarly, Uzbek entrepreneurs are increasingly interested in Azerbaijan, which is very encouraging. As we have mentioned before, our joint initiatives are showing positive results, and I am confident this trend will continue,” he added.

The Uzbek-Azerbaijani business forum, which kicked off in Tashkent today, aims to strengthen economic ties between the two countries, enhance cooperation, attract investments, and realize joint projects. The forum will serve as a platform for discussing ways to increase trade, share experiences, and establish new business partnerships.

Currently, a total of 236 Azerbaijani-capital enterprises operate in Uzbekistan, including 62 joint ventures and 174 fully foreign-owned enterprises. Additionally, 70 Uzbek companies are active in Azerbaijan.

The trade turnover between Azerbaijan and Uzbekistan surpassed $118.2 million from January to July 2024.

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