New Online Platform To Enhance Business Prospects For Uzbekistan And Azerbaijan - Laziz Kudratov (Exclusive Interview)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 28. One of the key steps in enhancing economic relations between Uzbekistan and Azerbaijan is the development of an online business platform, said Uzbekistan's Minister of Investments, Industry, and Trade Laziz Kudratov in an exclusive interview with Trend .

"The platform will offer several benefits to entrepreneurs, such as simplifying trade operations and increasing business visibility. It will create a unified digital space for trade transactions, streamlining the process of buying and selling goods and services," he said.

He emphasized that the platform will particularly support small and medium-sized businesses, helping them reach international markets. Moreover, it will facilitate the launch and execution of joint projects in sectors like energy and industry.

"We aim to launch this platform soon, which will significantly boost bilateral trade and elevate our economic relations to a new level," Kudratov added.

The minister highlighted that the green electricity transfer project involving Uzbekistan, Azerbaijan, and Kazakhstan is strategically crucial for all parties.

"We are actively working on preparing the project's feasibility study. The plan includes direct current transmission lines running through Kazakhstan, Azerbaijan, and Georgia, reaching European markets," he emphasized.

He noted that the project will involve building a 2,450-kilometer direct current transmission line connecting Uzbekistan, Azerbaijan, and Kazakhstan.

Laziz Kudratov also mentioned that Uzbekistan is making significant strides in wind power projects, especially in the Republic of Karakalpakstan, with a total capacity of up to 10,000 MW. The development of the Intergovernmental Agreement for this ambitious project is expected to be completed soon.

He also highlighted the construction of the China-Kyrgyzstan-Uzbekistan railway corridor, which is a crucial part of the broader strategic cooperation in the region.

"We've recently completed several key milestones, including signing a cooperation memorandum in September 2022 and finalizing the project's feasibility study. In 2024, we signed an agreement to jointly implement the project and officially started construction work," he said.

The minister noted that the international partners for this project include the governments of China, Kyrgyzstan, and Uzbekistan, along with the China Railway Construction Corporation. The project requires substantial investment, and its successful completion will significantly advance transport infrastructure and enhance economic ties between the countries. Construction is expected to begin this fall.

"This year, as part of the state investment program, Uzbekistan's Ministry of Energy has started projects to build solar photovoltaic power plants with a total capacity of 1 GW in the Nurabad district of the Samarkand region," said Laziz Kudratov.

He mentioned that the first project, led by Saudi company ACWA Power, will take place from 2024 to 2026 and involves constructing a 500 MW power plant at a total cost of $1.049 billion.

In 2024, $300 million in foreign direct investment is expected for this project, with $90 million allocated for construction and installation, $180 million for equipment and components, and $30 million for other needs.

“There's also a second project, also with ACWA Power, covering the same period (2024-2026), to build another 500 MW power plant. This project has a total cost of $758 million, with $350 million in foreign direct investment planned for 2024. Of this, $105 million will go to construction and installation, $210 million for equipment and components, and $35 million for other expenses,” he added.

Minister Kudratov emphasized that construction is well underway, with the first phase of the solar power plant in Samarkand set to launch in 2026.

MENAFN28082024000187011040ID1108608978