Tashkent hosted an international conference “Uzbekistan – Azerbaijan: New prospects for mutually beneficial cooperation”.

The event, organized by the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan in cooperation with the Center for Analysis of International Relations of the Republic of Azerbaijan, was attended by representatives of research institutes and analytical centers of the two countries dealing with international relations and economics.

Director of the Institute for Macroeconomic and Regional Studies under the Cabinet of Ministers of the Republic of Uzbekistan Umid Abidkhadjayev spoke about the most critical areas of economic cooperation between the two countries.

– Of course, the opportunities for cooperation between Uzbekistan and Azerbaijan are vast. Considering the current level of trade, economic ties, and production, three important promising areas should be noted: agriculture, tourism, and the banking sector. Azerbaijan has great potential in cotton processing. The country annually produces at least 270 thousand tons of raw cotton. Uzbekistan also has rich experience in this area, so creating a joint cotton-textile cluster can serve as an impetus for developing cotton growing in Azerbaijan and the raw material base of processing enterprises in Uzbekistan.

At the same time, it is impossible to imagine the development of agriculture without land reforms. Studying the successful experience of Azerbaijan in this area will contribute to the organization and streamlining of the land market and the improvement of land relations. At the forum of the Economic Cooperation Organization held in Baku on May 2-3 this year, issues of further strengthening partnership in tourism were discussed, for which it is advisable to unite efforts to implement investment projects in tourism, train personnel for the hotel business, as well as attract tourists, organize eco-farms, and develop ecotourism.

Now, about the banking sector. At the forum held in 2023 in Tashkent, an agreement was signed on the organization of a joint Investment Fund for financing projects. For its practical operation, an interregional banking structure is required. Based on this, opening a branch of an Azerbaijani bank in Uzbekistan may be an essential step towards deepening bilateral cooperation. First, it will make it easier for companies doing business in the two countries to conduct financial transactions, and second, it will speed up trade turnover and increase the possibility of attracting free capital”, Mr. Abidkhadjayev said.

Nasiba Ziyodullayeva, UzA