Azerbaijan, Uzbekistan To Adopt Joint Road Map On Business Dev't - Minister

8/22/2024 6:10:38 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 22. Azerbaijan and Uzbekistan will implement a joint roadmap for business development, Uzbek Minister of Investment, industry and Trade Laziz Kudratov said at the Uzbek-Azerbaijani business forum in Tashkent, Trend reports.

"The trade turnover between the two countries has tripled over the past five years. Since the beginning of this year, mutual trade volume has increased by another 20 percent. While the absolute figures are still modest, he stated that the goal is to reach one billion dollars within the next year or two. The necessary conditions for this achievement have been established," Kudratov said.

The Uzbeki minister highlighted that a joint investment company has been set up with support from the Azerbaijani government. This company is actively working and has already built a substantial portfolio of investment projects, which are expected to yield results soon.

"Today, we are actively collaborating in various sectors, including energy, urban development, machine building, textiles, the silk industry, and agriculture. Major Azerbaijani companies have already commenced operations in Uzbekistan. We aim to further enhance dialogue, create more opportunities for entrepreneurs from both countries to meet, exchange ideas, and foster business partnerships, ultimately leading to tangible trade agreements and industrial projects," he said.

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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