Cooperation in the textile industry between Azerbaijan and Uzbekistan is set to expand into Azerbaijan's liberated territories, Azerbaijan's Minister of Economy, Mikayil Jabbarov reports. This announcement was made during the II Azerbaijani-Uzbek Interregional Forum held in Azerbaijan's Guba on May 21.
Minister Jabbarov noted the importance of investment cooperation between the two countries, specifically mentioning the establishment of the Azerbaijani-Uzbek Investment Company. This company, founded at the beginning of last year, has a charter capital of $500 mn. Its activities focus on promoting mutual investments, trade, and overall economic partnership, thereby strengthening economic relations between Azerbaijan and Uzbekistan.
"Our partnership with Uzbekistan covers various sectors of the economy," said Jabbarov. He reported progress in traditional areas such as cotton growing and sericulture. Efforts are underway to establish a joint cotton cluster in Azerbaijan's Imishli district.
From January through March 2024, the trade turnover between Azerbaijan and Uzbekistan totalled $142 mn. The economies of both countries have the potential to increase mutual trade indicators, aiming to reach $1 bn in the coming years.
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