Uzbekistan-Azerbaijan Trade Surges by 26.5% in 2023, Strengthening Economic Partnership

Tashkent, The Gulf Observer: Aziz Kudratov, Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, met with Huseyn Guliyev, Ambassador Extraordinary and Plenipotentiary of the Republic of Azerbaijan to Uzbekistan, to discuss the expanding trade and economic partnership between the two countries. Both sides acknowledged the positive trajectory of their relations, which are rooted in the close and trusting bonds between the leaders of Uzbekistan and Azerbaijan.

In 2023, trade turnover between Uzbekistan and Azerbaijan saw a 26.5% increase, reflecting the robust cooperation between the nations. Currently, 230 Azerbaijani enterprises operate in Uzbekistan, spanning various sectors, including trade, mechanical engineering, metalworking, finance, insurance, real estate, energy, services, jewelry production, food, and light industry. The meeting highlighted the successful implementation of several large-scale, mutually beneficial investment projects.

The parties also discussed accelerating agreements reached during the state visit of Azerbaijani President Ilham Aliyev to Uzbekistan in August this year. Particular focus was placed on the development of urban infrastructure, industrial production, the chemical industry, and IT, with both sides reaffirming their commitment to advancing these sectors.

Kudratov and Guliyev emphasized the importance of building partnerships between the business communities of both nations and promoting interregional cooperation. They confirmed their readiness to support business initiatives and further strengthen collaboration in priority sectors to foster economic growth and mutual prosperity.

The meeting underscored the shared ambition of Uzbekistan and Azerbaijan to continue deepening their economic ties and enhancing cooperation across a wide range of industries.