Several documents signed within Uzbek-Azerbaijani inter-regional forum

Economy Materials 25 February 2023 13:29 (UTC +04:00)
Several documents signed within Uzbek-Azerbaijani inter-regional forum
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 25. A number of documents were signed within the framework of the Uzbek-Azerbaijani inter-regional forum, Trend reports via the Ministry of Economy of Azerbaijan.

The First Uzbek-Azerbaijani Inter-regional Forum was held in Tashkent on February 25, with the support of the Ministry of Investments, Industry and Trade of Uzbekistan and the Ministry of Economy of Azerbaijan.

During the event, an intergovernmental agreement on the establishment of an Uzbekistan-Azerbaijan investment fund, documents on the establishment of twin city relations between the cities of Khiva and Shusha, Samarkand and Ganja, Bukhara and Lankaran, Kokand and Shaki were signed.

Besides, the parties signed a roadmap to expand practical cooperation in trade, economic, scientific, technical, cultural and humanitarian spheres between the Tashkent Executive Power and the Baku Executive Power Baku for 2023-2025, and Memorandum of Understanding between the Azerbaijan Export and Investment Promotion Agency (AZPROMO) under the Ministry of Economy of Azerbaijan and the Agency for Regulation of the Alcohol and Tobacco Market and the Development of Winemaking of Uzbekistan.

The signed documents also include Memorandum of Cooperation between the Azerbaijan Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy and the Agency for Entrepreneurship Development under the Ministry of Economic Development and Poverty Reduction in Uzbekistan, Memorandum of Understanding and Cooperation Agreement between AzerGold CJSC and the Ministry of Mining and Geology of Uzbekistan Memorandum of Cooperation and Interaction between Mega Invest Industrial and NABUCCO A&C companies, as well as cooperation agreement between Cahan Industrial Complex LLC and Azimut Plus company.

Speaking at the event, Minister of Economy of Azerbaijan Mikayil Jabbarov noted that last year an increase of more than 63 percent took place in the sphere of trade, one of the main directions of economic cooperation.

The minister noted a wide potential between the countries for effective partnership in the areas of investment, metallurgy, automobile production, agricultural and household appliances, organizing joint activities in the industrial zones of Azerbaijan and in other areas.

According to him, the Azerbaijani-Uzbek Investment Fund under establishment will play a significant role in economic cooperation, the implementation of new investment projects, and the creation of jobs.

Jabbarov also noted that, at the initiative of the President of Uzbekistan Shavkat Mirziyoyev, the construction of a school for 960 students continues in Azerbaijan’s Fuzuli district, which is another clear evidence of the close ties between the peoples of the countries.

Besides, the minister emphasized broad prospects for the development of relations between the regions of the two countries and the First Uzbek-Azerbaijani Inter-regional Forum is an important platform for the implementation of joint initiatives.

Minister of Investments, Industry and Trade of Uzbekistan Laziz Kudratov, speaking at the forum, stressed that the expansion of business ties, the establishment of relations between the regions of Uzbekistan and Azerbaijan will serve to further strengthen mutually beneficial partnership.

In addition, the third meeting of the Uzbek-Azerbaijani Business Council was also held within the framework of the forum. During the event, the work carried out in accordance with the tasks identified at the previous meeting, as well as steps aimed at expanding relations between the business entities of the two countries, was discussed.

Trade turnover between Azerbaijan and Uzbekistan in 2022 amounted to $181.9 million. Exports from Uzbekistan to Azerbaijan last year equaled $132.3 million, while $49.5 million accounted for imports. In January 2023 alone, the trade turnover between the two countries exceeded $11 million.