Trade relations between Uzbekistan and Azerbaijan have seen a significant upswing, with a 53% increase in trade volume at the end of 2022 compared to the previous year, and a further 36.4% increase in the period from January to September 2023. These figures were revealed during a visit to Baku by Lazi Kudratov, the Minister of Investment and Trade of Uzbekistan.
In Baku, Kudratov met with Mikayil Jabbarov, the Minister of Economy, and both parties expressed their countries’ readiness to intensify efforts to increase mutual trade to $1 bn annually. The meeting also addressed practical issues related to the joint investment company, including the appointment of management and the expansion of investment projects financed by the fund.
Currently, the two countries are collaborating on several projects, including the construction of water treatment plants, tourist facilities, and the production of metal products, household appliances, medical equipment, and medical products. They are also working on the creation of a textile cluster.
The meeting welcomed plans to establish think tanks to foster economic and technological cooperation between the two countries, including the exchange of innovative ideas and technological solutions. The meeting concluded with a reaffirmation of the commitment to expand cooperation and the identification of specific plans and responsible managers to expedite the implementation of the discussed projects and initiatives, according to a press release from the Ministry of Investment and Trade of Uzbekistan.
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