On the eve of President Shavkat Mirziyoyev's state visit to Azerbaijan, a business forum was held in Baku on August 21. Co-chaired by Uzbekistan's Minister of Investment, Industry, and Trade Laziz Kudratov and Azerbaijan's Minister of Economy Mikayil Jabbarov, the event saw spokespeople of key ministries and governmental departments, as well as over 250 representatives of the two countries' leading companies.
The event stressed that the bilateral trade turnover increased almost sixfold at the end of 2022 and a further 40% since the beginning of 2023.
The two countries have set a common goal to achieve a trade figure of $1bn in the coming years, including through increased mutual supplies of pharmaceuticals, petrochemicals, plastics, polymers, and mining products.
Industrial cooperation has seen a significant boost with a fourfold increase in joint ventures. Over 200 enterprises with Azerbaijani capital are currently operating in Uzbekistan.
The expansion of automobile production, the creation of cotton-textile and silk-growing clusters, and the production of building materials and jewelry have begun in Azerbaijan and Uzbekistan.
Joint energy, metallurgy, urban planning, pharmaceuticals, electrical engineering, agriculture, and food industry projects are promising.
Proposals for the joint production of metal products, pharmaceuticals, household appliances, and construction materials were announced with the help of the Uzbek-Azerbaijani Investment Company.
The Uzbek government emphasized its efforts to improve the business climate and support entrepreneurship, citing examples such as introducing free market mechanisms, ensuring fair competition and private property rights, creating a comprehensive ecosystem for project development, implementing new financing mechanisms, and other effective programs aimed at creating favorable conditions for investors and businesspeople.
The speakers urged entrepreneurs from both countries to engage in more active cooperation.
After the forum, contracts and agreements were signed in multiple industries, including accreditation, oil, chemical, mining, pharmaceuticals, and household appliances.
Earlier, Daryo reported that Azerbaijan and Uzbekistan discussed creating a joint venture to produce renewable energy components. Uzbekistan plans to build 10 solar and wind power plants by 2025, to generate 3,000 gigawatts of energy by 2026 and 8 gigawatts by 2030.
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