On the eve of the state visit of the President of the Republic of Azerbaijan Ilham Aliyev to Uzbekistan, the Uzbekistan – Azerbaijan Business Forum was held at the Uzexpocentre.

Representatives of ministries, agencies, industry associations, regional administrations, and business circles of the two countries attended the event. The Minister of Investments, Industry, and Trade Laziz Kudratov addressed the forum. As he noted, thanks to the wise policy of the leaders of the two states, cooperation between the two countries has acquired a strategic nature and reached a qualitatively new level.

At the forum, it was noted that multifaceted cooperation between Uzbekistan and Azerbaijan is rapidly developing. Over the past five years, trade turnover has increased three times and by 20 percent since the beginning of this year. Active work is underway to fulfill the task set by the heads of state: to bring trade turnover to $1 billion. 

According to the analysis, the scale of investment cooperation is expanding in the most priority sectors of the economy – energy and urban development, mechanical engineering, textile and silk industry, and agriculture. Large Azerbaijani companies such as Pasha Holding, Matanat, Sarda Group, and Sokar successfully operate in Uzbekistan. Uzbekistan companies Global Textile, Azsilk, and Businesstex operate in Azerbaijan. 

It was noted that the launching of the Joint Investment Company was the driving force of investment cooperation.

Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov highly appreciated the investment environment created in Uzbekistan and the opportunities for the comprehensive development of entrepreneurship. Expressing confidence in long-term cooperation, he called on representatives of Azerbaijani businesses to invest in Uzbekistan.

The participants also highlighted promising areas of trade, economic, and investment cooperation. A portfolio of projects has been formed in important areas such as light and food industries, green energy, and healthcare.

During the business forum, it was emphasized that there are ample opportunities for deepening cooperation through developing the textile, silk, construction, food and mining industries, urban planning, infrastructure development, and retail networks. Joint projects in the mining, energy, and oil and gas industries, the creation of green energy sources and export of products, and the expansion of cooperation in agriculture were identified as promising areas of cooperation.

In accordance with the event’s program, a ceremony was held to exchange documents on the development of infrastructure and urban development, the creation of new logistics centers and educational institutions, and the opening of representative offices of industrial associations in partner countries. B2B and G2B meetings also served to discuss joint investment projects and trade agreements between representatives of the business circles of the two countries. Following the forum, a joint action plan was adopted.

An exhibition of national products “Made in Azerbaijan” was organized as part of the business forum. It aroused great interest among entrepreneurs of Uzbekistan.

Bekhruz Khudoyberdiyev, UzA