Ahead of the state visit of the President of the Republic of Uzbekistan to Azerbaijan, a pivotal business forum has taken center stage in Baku. The event has garnered participation from over 250 prominent companies hailing from both nations, with an explicit focus on strengthening bilateral ties. The Pharmaceutical Network Development Agency is also actively engaged in this platform, underscoring the comprehensive nature of discussions, Yuz.uz reported.
Convening in Baku, representatives from diverse sectors including energy, metallurgy, urban development, pharmaceuticals, electrical engineering, agriculture, food industry, and oil and gas have identified promising avenues for collaboration. With the guiding hand of the Uzbekistan-Azerbaijan Investment Company, substantive proposals have emerged, targeting the establishment of joint ventures aimed at producing metal goods, pharmaceuticals, household appliances, and construction materials.
In the recent past, pharmaceutical cooperation has been a particularly noteworthy facet of the Uzbekistan-Azerbaijan partnership. In 2022, Uzbekistan exported pharmaceutical products valued at $2.5 mn to Azerbaijan, and the first half of 2023 has witnessed a staggering 128% surge in this figure. Forecasts point to the potential of reaching an export volume of $4 mn by 2024, reflecting the growing synergy between the two nations' pharmaceutical sectors.
A significant step in cementing the commitment to deeper cooperation in the pharmaceutical arena was marked by the signing of a Memorandum of Understanding. This pact brings together the Pharmaceutical Network Development Agency of Uzbekistan and the Export and Investment Promotion Agency of Azerbaijan, harmonizing their efforts towards advancing investment projects within the pharmaceutical domain. Notably, Uzbekistan's strides in pharmaceutical industry development were acknowledged.
The Azerbaijan Export and Investment Promotion Agency, AZPROMO, has proposed ambitious strategies to harness this collaboration's potential. With an eye on elevating medical capabilities, proposals have been put forth to initiate the local production of essential medical items like insulin, antibiotics, and high-tech medical equipment. The active involvement of entrepreneurs from both countries underscores the commitment to fostering growth in this critical sector.
Undoubtedly, the Uzbekistan-Azerbaijan business forum emerges as a potent catalyst in fortifying the productive ties between these two nations. As it unfolds, this initiative is poised to yield tangible results that will significantly shape the trajectory of cooperation, particularly within the pharmaceutical industry, fostering a synergy that holds the promise of mutual prosperity.
With the forthcoming state visit and the foundation of collaboration being laid at this forum, it is anticipated that these efforts will pave the way for a new chapter of partnership between Uzbekistan and Azerbaijan, particularly in the realm of pharmaceutical innovation and trade.
Earlier Daryo reported that at the request of Azerbaijani President Ilham Aliyev, Shavkat Mirziyoyev, along with his spouse, commenced an official visit to Baku. Upon arrival at Heydar Aliyev Airport, Azerbaijan's First Deputy Prime Minister Yaqub Eyyubov and other officials welcomed the President, while an honor guard paid tribute to the distinguished visitor, as stated by Mirziyoyev's press office.
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