Azerbaijan, Uzbekistan discuss increasing mutual investments

Baku, The Gulf Observer: Azerbaijan and Uzbekistan discussed the possibility of increasing mutual investments, Azernews reports.

According to the Ministry of Economy of Azerbaijan, Deputy Minister of Economy Sahib Mammadov met with Deputy Minister of Investment, Industry, and Trade of Uzbekistan Oybek Khamrayev.

During the meeting, Mammadov stated that both nations place a high priority on the effective growth of their bilateral relations and that there are many potential to increase cooperation in the area of trade. The terms of the intergovernmental agreement on the creation of the Azerbaijan-Uzbekistan Investment Fund contribute to a rise in bilateral trade and investment as well as a strengthening of economic ties.

Khamrayev emphasized Uzbekistan’s interest in collaborating on numerous initiatives with Azerbaijan.

During the discussion, it was also discussed what steps were being taken to promote economic cooperation.

According to the Statistics Agency of Uzbekistan, the trade turnover between Azerbaijan and Uzbekistan by the end of 2022 amounted to $181.2 million (an increase of 52.4 percent compared to 2021).

In general, there are 204 enterprises with the participation of Azerbaijani capital in Uzbekistan as of July 1, 2023 (71 in 2017). In addition, 67 of them are joint ventures, and 137 are foreign enterprises. Since the beginning of this year, 21 enterprises have been created.