Strategic state policies make significant contribution to co-op dev't between Azerbaijan, Uzbekistan - minister

Economy Materials 21 August 2023 20:30 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 21. The strategic approach of Presidents of Azerbaijan and Uzbekistan makes a significant contribution to the development of comprehensive cooperation between our countries, which have common historical roots and values, and the bilateral trade and economic partnership is being strengthened, the Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov said, Trend reports.

"In order to expand ties, it is of great importance to organize business meetings of entrepreneurs, explore new areas and opportunities for cooperation and implement joint projects. The favorable business environment of Azerbaijan attracts Uzbek entrepreneurs and gives impetus to the development of partnership," said the minister at the Azerbaijani-Uzbek business forum.

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.