The 12th meeting of the Intergovernmental Joint Commission was held in the Azerbaijani city of Shusha under the chairmanship of the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov.

Heads of ministries, agencies, industry associations, commercial banks, education institutions, and diplomatic missions attended the event.

In 2022, the trade turnover between our countries increased by 1.5 times and 16 percent since the beginning of this year. For example, the volume of textile products sent to Azerbaijan increased by 2.6 times, mechanical equipment – by 19.7 percent, and glass and glass products – by 76 percent. From this point of view, it was noted that the two countries’ economies have sufficient potential to bring the trade volume to $1 billion.

The need for joint work to develop industrial cooperation was also approved. As noted, over the past five years, the number of joint ventures established in Uzbekistan with the participation of Azerbaijani capital has increased 4 times. Within two years, 40 enterprises were involved. More than 70 enterprises successfully operate in Azerbaijan with the involvement of investments in Uzbekistan. Issues of enhancing energy and transport cooperation and the development of interregional, cultural, and humanitarian ties were also considered.

Following the event, the protocol of the 12th meeting of the Intergovernmental Commission on Cooperation between Uzbekistan and Azerbaijan and other documents consolidating the agreements reached were signed.

UzA