Nearly 300 joint ventures with Azerbaijani capital are operating in Uzbekistan, according to Shokhrukh Gulamov, the Head of the Main Directorate for the CIS countries of the Ministry of Investments and Foreign Trade of Uzbekistan. This number is increasing yearly, indicating a growing level of mutual trade. According to Shokhrukh Gulamov, last year, the trade between the two countries reached $181mn, up by 54% year-on-year, media reports.
This year also sees a trend of increasing trade. Shokhrukh Gulamov mentioned that the two countries maintain regular contacts at the highest level. The personal, trusting relationship between the Presidents of Uzbekistan and Azerbaijan gives impetus to deepen ties in all areas, including investment cooperation. In the previous year, both countries launched several initiatives in oil and gas, petrochemistry, the textile industry, and sericulture.
The February bilateral forum resulted in inking several agreements and documents that will further strengthen investment cooperation.
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