Uzbekistan, Azerbaijan to create a joint investment fund

Baku, The Gulf Observer: A delegation of the government of Uzbekistan paid a working visit to Azerbaijan, according to media reports.

Investment Minister Jamshid Khodjayev, heading the delegation, held talks with Azerbaijani Economy Minister Mikayil Jabbarov. The parties considered the agenda of cooperation in trade, investment and transport areas.

The ministers identified industrial cooperation as one of the priority areas of cooperation. In particular, it is planned to accelerate the development of five major investment projects worth $700 million by creating a special working group.

At the meeting, measures were agreed to increase mutual deliveries of demanded products – fruits and vegetables, textiles, shoes – under long-term contracts. Particular attention was paid to plans for new joint ventures in the automotive industry, jewelry, and light industry.

The participants also signed a memorandum of understanding on the establishment of the Uzbek-Azerbaijani Investment Fund. It is designed to contribute to the strengthening and expansion of economic and industrial cooperation between the two countries.

Another key item on the agenda was the transport sector. Here, the parties agreed to hold a meeting of the commission on international road transport, which will have to discuss measures to increase freight traffic.

Khodjayev also met with Azerbaijani Deputy PM Shahin Mustafayev to discuss bilateral cooperation. The meeting discussed the current state of trade contacts and prospects for their development.

Over the next few years, it is planned to bring mutual trade between Uzbekistan and Azerbaijan to $1 billion. For this, a forum of regions of the two countries and an exhibition of investment projects are planned for early 2023.