Uzbekistan and Azerbaijan strategized to boost trade volumes to $1bn, focusing on import substitution, reciprocal trade missions, and national product exhibitions in major cities.
The 13th session of the joint Intergovernmental Commission on Cooperation between Uzbekistan and Azerbaijan took place in Bukhara, with Laziz Kudratov, Uzbekistan's Minister of Investment, Industry, and Trade, and Mikayil Jabbarov, Azerbaijan's Minister of Economy, serving as co-chairs.
Attended by key representatives from both nations including heads of ministries, industry associations, and business sectors, the meeting focused on enhancing bilateral cooperation across multiple fronts.
Discussions highlighted a rise in bilateral trade, which surged by 26.5% in 2023 to reach $231.6mn. This year, trade has further increased by 2.6%.
Currently, Uzbekistan hosts 236 Azerbaijani enterprises, including 62 joint ventures and 174 wholly-owned foreign firms. In Azerbaijan, 70 Uzbek companies are operational. The Joint Uzbek-Azerbaijani Investment Fund emerged as pivotal for fostering new projects in silk production, textile clusters, international education facilities, and food manufacturing.
New avenues in mechanical and electrical engineering, energy, petrochemicals, agriculture, and tourism were identified as promising sectors for future collaboration. Both nations stressed the importance of enhancing transport corridors and logistics infrastructure to boost bilateral and transit cargo transportation.
Efforts to strengthen interregional ties were underscored by twinning agreements between Gulistan-Fuzuli, Namangan-Mingechevir, and Termez-Bilasuvar. Plans are underway to establish a schedule of reciprocal visits and form a permanent working group to advance joint projects.
In a bilateral meeting, the delegations discussed detailed steps to implement joint initiatives, emphasizing closer cooperation frameworks.
The meeting concluded with the adoption of a Final Protocol outlining agreed-upon measures, assigning responsibilities, and setting timelines for task implementation.
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