Uzbekistan and Azerbaijan discuss cooperation prospects
Economy
On July 10 of this year, the 13th meeting of the joint Intergovernmental Commission on Cooperation between Uzbekistan and Azerbaijan was held in Bukhara under the chairmanship of Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, and Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan.
During the meeting, which was attended by the heads of relevant ministries and departments, industry associations of the two countries, the parties reviewed the current state and prospects for the development of bilateral multifaceted cooperation in priority sectors.
In 2023, the trade turnover between Uzbekistan and Azerbaijan increased by 26.5%, reaching $231.6 million. There are 236 enterprises with Azerbaijani capital operating in Uzbekistan, of which 62 are joint ventures and 174 are enterprises with one hundred percent foreign capital. There are 70 Uzbek companies operating in Azerbaijan.
Measures to bring the volume of mutual trade to $1 billion were discussed, worth highlighting among which were: import substitution based on the analysis of sought-after products, regular trade and business missions, exhibitions of national products in major cities on a mutual basis.
Among the promising industries are projects for the production of silk products, the creation of a textile cluster, the construction of an international school, and the organization of food production.
New promising areas for cooperation in the field of mechanical engineering, electrical engineering, building materials, energy, petrochemicals, agriculture and tourism were also identified.
Special attention was paid to the diversification of transport corridors and the creation of logistics infrastructure in order to increase the volume of bilateral and transit cargo transportation. Measures for the development of interregional cooperation were discussed in a separate order. Twinning ties have been established between the cities of Gulistan and Fuzuli, Namangan and Mingachevir, Termez and Bilasuvar. Work in this direction continues.
As a result, the Final Minutes of the meeting were adopted, which reflected the agreements reached, identified responsible managers and deadlines for the implementation of the tasks set.
In 2023, the trade turnover between Uzbekistan and Azerbaijan increased by 26.5%, reaching $231.6 million. There are 236 enterprises with Azerbaijani capital operating in Uzbekistan, of which 62 are joint ventures and 174 are enterprises with one hundred percent foreign capital. There are 70 Uzbek companies operating in Azerbaijan.
Measures to bring the volume of mutual trade to $1 billion were discussed, worth highlighting among which were: import substitution based on the analysis of sought-after products, regular trade and business missions, exhibitions of national products in major cities on a mutual basis.
Among the promising industries are projects for the production of silk products, the creation of a textile cluster, the construction of an international school, and the organization of food production.
New promising areas for cooperation in the field of mechanical engineering, electrical engineering, building materials, energy, petrochemicals, agriculture and tourism were also identified.
Special attention was paid to the diversification of transport corridors and the creation of logistics infrastructure in order to increase the volume of bilateral and transit cargo transportation. Measures for the development of interregional cooperation were discussed in a separate order. Twinning ties have been established between the cities of Gulistan and Fuzuli, Namangan and Mingachevir, Termez and Bilasuvar. Work in this direction continues.
As a result, the Final Minutes of the meeting were adopted, which reflected the agreements reached, identified responsible managers and deadlines for the implementation of the tasks set.
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