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Great prospects for economic cooperation between Azerbaijan, Uzbekistan

Economy Materials 24 August 2023 13:10 (UTC +04:00)
Great prospects for economic cooperation between Azerbaijan, Uzbekistan
Farid Zohrabov
Farid Zohrabov
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BAKU, Azerbaijan, August 24. Trade turnover between Azerbaijan and Uzbekistan reached $188 million in the first six months of 2023, said economist-expert Eyyub Kerimli, Trend reports.

According to him, it is 63 percent more than in the same period last year.

"It also provides evidence for the positive future of the two nations' economic ties. Since 2020, our countries' annual trade turnover has risen. However, it is planned to create a joint investment fund and increase trade turnover to $1 billion over the next few years. Additionally, this will support the strengthening of our links and the diversification of our economic integration. There are now 263 businesses in Uzbekistan with Azerbaijani capital. In our nation, there are 72 businesses with Uzbek capital. In the future, there will likely be more of these businesses," Kerimli said.

Uzbek companies are also planning to be involved in reconstruction works in the territories of Azerbaijan liberated from occupation, the expert noted.

According to the expert, Uzbek businesses also intend to participate in rehabilitation efforts in Azerbaijani territory that has been freed from occupation.

"Five projects totaling $700 million are also being worked on between the nations, one of which is the development of the logistics and transportation infrastructure. As a result, Azerbaijan is taking action to increase its access to countries in Central Asia. All of this is also crucial for future Zangezur corridor operation and access to China and Central Asian nations in the context of strategic partnership. Additionally, Azerbaijan is crucial to Uzbekistan's ability to access Europe in the future via the Zangezur corridor", Kerimli added.

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