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Azerbaijan, Uzbekistan discuss prospects for industrial parks dev't

Economy Materials 21 August 2023 16:02 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 21. Azerbaijan and Uzbekistan have discussed potential cooperation in the field of industrial parks development, Minister of Economy of Azerbaijan Mikayil Jabbarov wrote on his page on X (Twitter), Trend reports.

"During the meeting with Laziz Kudratov, the Minister of Investment, Industry and Trade of Uzbekistan we engaged in productive conversations aimed at enhancing the trade and economic relations between our two nations. Our discussions touched upon the facilitation of mutual investments, the execution of collaborative projects and the exploration of potential cooperation opportunities with Uzbekistan in the field of industrial parks," the minister said.

Meanwhile, the trade turnover between Azerbaijan and Uzbekistan in 2022 amounted to $181.2 million (an increase of 52.4 percent compared to 2021). The economies of the two countries have sufficient potential to increase mutual trade indicators to $1 billion in the coming years.

As of July 1, 2023, there are 204 enterprises with Azerbaijani capital in Uzbekistan (compared to 71 in 2017), of which 67 are joint ventures and 137 are foreign enterprises. Some 22 joint ventures have been established since the beginning of this year.

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