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Uzbek president instructs to intensify investment co-op with Azerbaijan

Politics Materials 10 March 2020 12:37 (UTC +04:00)
President of Uzbekistan Shavkat Mirziyoyev held a meeting on discussion of the prospects for developing bilateral investment, trade and economic cooperation with Russia and Azerbaijan on March 9,
Uzbek president instructs to intensify investment co-op with Azerbaijan

BAKU, Azerbaijan, Mar. 10

Trend:

President of Uzbekistan Shavkat Mirziyoyev held a meeting on discussion of the prospects for developing bilateral investment, trade and economic cooperation with Russia and Azerbaijan on March 9, Trend reports referring to the press service of Uzbekistan’s president.

Indicators of mutual trade and investment with these countries have been steadily increasing in recent years. In 2019, trade with Russia increased by 17 percent compared to 2018 and amounted to $6.6 billion and bilateral trade with Azerbaijan increased by 55.7 percent.

Investment cooperation is being strengthened. In 2019, 484 new enterprises with the participation of Russian capital (Moscow) were created in Uzbekistan, and their total number reached 1,828. Currently, the number of enterprises operating in the country with Azerbaijani capital (Baku) is 178.

At the meeting, special attention was paid to the timely and high-quality implementation of existing projects and the development of new proposals to deepen bilateral cooperation with these countries in the investment, trade and transport and logistics sectors.

Within the framework of establishing industrial cooperation with Azerbaijani partners, projects worth over $355 million are being worked out. In particular, it is planned to organize the assembly of cars and buses. Mutually beneficial cooperation in the oil and gas sector is developing.

President Shavkat Mirziyoyev gave instructions to intensify trade and investment cooperation with leading Russian and Azerbaijani companies and organizations, to develop new directions of cooperation with them.

The new priority areas of cooperation with Russia are agriculture and forestry, industry, including agriculture, transport and logistics, education and innovation. It was also instructed to develop new projects in the fields of agricultural industry with Azerbaijan, viticulture and winemaking, jewelry industry, oil and gas, transport and logistics, as well as education.

On the issues discussed at the meeting, the reports of the heads of the involved ministries and departments were heard; further measures for the effective implementation of specific tasks were identified.

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