BAKU, Azerbaijan, August 21. Azerbaijan and Uzbekistan have signed more than 160 documents, including the Declaration on Deepening Strategic Partnership and Increasing Comprehensive Cooperation, creating a solid bilateral legal framework, the Minister of Economy of Azerbaijan Mikayil Jabbarov said at the Azerbaijani-Uzbek business forum, Trend reports.
"Cooperation with Uzbekistan is multi-vector in nature and covers a variety of sectors of the economy; joint projects are being implemented; mutual investments are being made. The Azerbaijan-Uzbekistan Investment Fund will make a significant contribution to further strengthening economic partnership, stimulating investment activity, and developing ties between the regions and business communities of our countries. The rapid development of relations between the countries has a positive impact on trade dynamics, but there is a great potential for increasing trade turnover, and in this area it is important to intensify initiatives," he said.
In addition, within the framework of the business forum, agreements were signed providing for cooperation between Azerbaijan and Uzbekistan in various areas, including in the fields of metallurgy, energy, and pharmaceuticals.
The trade turnover between Azerbaijan and Uzbekistan by the end of 2022 amounted to 181.2 million dollars (an increase of 52.4 percent compared to 2021). The economies of the two countries have sufficient potential for mutual trade indicators to grow 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.