Uzbek-Azerbaijani Business Forum Wraps Up In Tashkent (PHOTO) UPDATE

(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 22. Tashkent has hosted the Uzbek-Azerbaijani business forum, Trend reports.

Azerbaijani Economy Minister Mikayil Jabbarov and Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov delivered speeches at the opening ceremony.

In his opening speech, the Azerbaijani minister highlighted the potential for Azerbaijan and Uzbekistan to expand their joint activities in third countries.

He recalled that a week ago, representatives from relevant ministries and companies of both nations conducted a joint visit to Afghanistan.

"This direction appears promising for joint endeavors, and it is not the only region where both countries can successfully work and realize their plans," he emphasized.

Jabbarov also mentioned the upcoming launch of textile production in Khankendi, noting that the investment project is being carried out by an Uzbek company.

In response, Kudratov emphasized that Azerbaijan and Uzbekistan will soon adopt a joint roadmap for business development.

"We are actively collaborating across various sectors, including energy, urban development, machine building, textiles, the silk industry, and agriculture. The largest Azerbaijani companies have already begun operations in Uzbekistan. We aim to further encourage active dialogue, create opportunities for entrepreneurs from both countries to meet more frequently, exchange ideas, and establish business partnerships, which we hope will lead to concrete trade contracts and industrial cooperation projects," the Uzbek minister added.

Kudratov also noted that Uzbekistan and the State Oil Company of Azerbaijan Republic (SOCAR) have initiated geological exploration on the Ustyurt plateau in Uzbekistan.

"We are implementing a project for the production of green energy, with plans to export it through Azerbaijan to European countries. Together with SOCAR, we have started exploration activities on the Ustyurt plateau in Uzbekistan. I am confident this marks the beginning of our comprehensive strategic cooperation in the energy sector," he said.

He further highlighted plans to process minerals in Azerbaijan.

"We intend to develop and process minerals in Azerbaijan, including the production of construction materials for use in reconstruction projects in Karabakh. Additionally, we invite Azerbaijani companies to participate in developing non-ferrous metal deposits, including copper," he emphasized.

The minister also announced that Uzbekistan and Azerbaijan plan to open trade houses and showrooms in Baku, Shusha, Tashkent, and Samarkand.

Moreover, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev, while at the forum, stated that Azerbaijani entrepreneurs are keen on exporting products to Uzbekistan.

"A total of 67 companies from Azerbaijan, along with representatives from about 10 state institutions, attended the forum. This clearly demonstrates the strong interest of Azerbaijani businesses in Uzbekistan, export opportunities, and support for Uzbek partners. Additionally, an exhibition of Azerbaijani products titled 'Main Directions of Economy - a Step to Joint Prosperity' will commence today," he said.

Moreover, the joint roadmap for expanding trade, economic, and investment cooperation for 2024-2025 includes plans for projects in agriculture, tourism, construction, pharmaceuticals, and the automotive industry.

The importance of the Azerbaijan-Uzbekistan Investment company, with an authorized capital of $500 million, was highlighted. The company is currently analyzing the financing of 15 joint projects and entrepreneurs were encouraged to take advantage of its opportunities.

During the business forum, documents were exchanged on cooperation in energy, education, logistics, and construction. Agreements were also made to strengthen ties between the countries and to establish twinning relations between the cities of Jizzakh (Uzbekistan) and Guba (Azerbaijan), as well as Shahrisabz (Uzbekistan) and Beylagan (Azerbaijan).

Additionally, SOCAR and Uzbekneftegaz signed an "Agreement on the Basic Principles of the Geological Exploration Project in Investment Blocks of Uzbekistan" during the forum.

The forum aimed to strengthen economic ties between the two countries, foster cooperation, attract investments, and realize joint projects. It served as a platform for discussing ways to boost trade, exchange experiences, and establish new business partnerships.

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