Uzbekistan-Azerbaijan Business Forum Strengthens Bilateral Economic Ties

Tashkent, The Gulf Observer: On August 22, the Uzbekistan-Azerbaijan business forum was held in Tashkent, the capital of Uzbekistan, bringing together key officials and approximately 300 entrepreneurs from both nations. The event was co-organized by the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Investment Promotion Agency under Uzbekistan’s Ministry of Investment, Industry, and Trade, with support from Azerbaijan’s Ministry of Economy and Uzbekistan’s Ministry of Investment, Industry, and Trade.

Azerbaijan’s Minister of Economy, Mikayil Jabbarov, and Uzbekistan’s Minister of Investment, Industry, and Trade, Laziz Kudratov, addressed the forum, emphasizing the importance of Azerbaijani President Ilham Aliyev’s ongoing state visit to Uzbekistan in strengthening the partnership between the two countries. The ministers highlighted the significant growth in Azerbaijan-Uzbekistan trade and economic relations, underscoring the rapid increase in mutual trade turnover.

Investment collaboration between the two nations was described as multifaceted, with upcoming projects planned in agriculture, tourism, construction, pharmaceuticals, and the automotive industry. The ministers also referenced the Joint Roadmap for 2024-2025, which outlines ambitious plans for enhancing economic, trade, and investment cooperation. A key player in these efforts, the Azerbaijan-Uzbekistan Investment Company, with an authorized capital of $500 million, is currently exploring the financing of 15 joint projects. Entrepreneurs were encouraged to take advantage of the opportunities offered by this company.

The forum featured presentations on Azerbaijan’s favorable business and investment climate, with a particular focus on opportunities in the Karabakh and East Zangezur economic regions. Notable speakers included Yusif Abdullayev, Executive Director of AZPROMO, and Nazim Hajiyev, Director General of the Azerbaijan-Uzbekistan Investment Company.

A video showcasing the strong relations between Azerbaijan and Uzbekistan was screened, and documents on collaboration in energy, education, logistics, and construction were exchanged. The forum also focused on expanding cooperation between Baku and Tashkent, including the establishment of twinning relations between the cities of Guba and Jizzakh, and Shakhrisyabz and Beylagan.

The event concluded with B2B meetings, facilitating direct interactions between entrepreneurs from both countries and paving the way for future collaborations.