BAKU, Azerbaijan, February 24. The Azerbaijan-Uzbekistan Investment Fund facilitates the growth of mutual investments and trade turnover, Trend reports citing the Azerbaijani Ministry of Economy.
The matter was discussed during the visit of an Azerbaijani delegation led by Minister of Economy Mikayil Jabbarov, to Uzbekistan.
During the visit, the minister met with Minister of Investments, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov.
Touching on the measures aimed to develop trade and economic partnership, the sides noted that both Azerbaijan and Uzbekistan were taking targeted steps for the implementation of the agreements signed during a meeting of the Joint Intergovernmental Commission on Cooperation in August 2021.
"The trade turnover between our countries increased significantly in 2022. Along with this, great chances exist for enhancing trade cooperation. The expansion of investment partnership with Uzbekistan is also of utmost importance. In this regard, the Intergovernmental Agreement on the establishment of the Azerbaijan-Uzbekistan Investment Fund also plays a paramount role, which will contribute to strengthening ties between the regions and business circles of both countries. The issues reflected in the document will contribute to the growth of mutual investment and trade, as well as will reinforce economic cooperation," Azerbaijan's ministry said.
The officials emphasized the great potential for attracting Uzbek companies to projects in trade, investment, industry, activities in the Araz Valley Economic Zone Industrial Park, the Aghdam Industrial Park, and the Alat Free Economic Zone, to the digital economy partnerships, and other areas.
Minister Kudratov stressed Uzbekistan's interest in implementing joint projects with Azerbaijan in various economic sectors, noted targeted measures to expand economic ties, and the significance of the signed documents, as well as shared his vision for the further development of partnership.
In addition, the parties discussed the current activity of the Joint Azerbaijani-Uzbekistan Intergovernmental Commission to expand economic cooperation, and explored ways of increasing mutual investment.
The trade turnover between Azerbaijan and Uzbekistan amounted to $181.9 million in 2022. Azerbaijan's imports from Uzbekistan totaled $132.3 million, while exports accounted for $49.5 million. In January 2023, the trade turnover between the two countries exceeded $11 million.