Uzbekistan, Kazakhstan, and Azerbaijan have announced plans to export electricity to Europe, marking a major stride in energy cooperation between Central Asia and Europe. The project, which involves laying a cable route through these countries, was discussed during a meeting between Laziz Kudratov, the Minister of Investment, Industry and Trade, and Azerbaijani President Ilham Aliyev on November 14.
The meeting underscored the vast potential for collaboration in various sectors, including energy, high-tech product manufacturing, the textile industry, and mechanical engineering. Both Uzbekistan and Azerbaijan have agreed to expedite the appointment of the management for their joint investment company and to broaden the scope of projects financed by the fund.
The Ministry of Investment, Industry and Trade (MIPT) highlighted that the project to transfer ‘green’ electricity to third-party consumers via these countries was a key topic of discussion during the meeting. The initiative is expected to bolster the energy partnerships and infrastructure of the participating nations.
The parties also deliberated on the conditions necessary for establishing the regulatory framework. Earlier this year, Uzbekistan and Azerbaijan had signed an agreement to set up a joint investment fund with an authorized capital of $500 mn, intended to finance joint investment projects.
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