BAKU, Azerbaijan, March 4. Uzbekistan will also apply the experience of Azerbaijan's successfully implemented agricultural insurance mechanism, a source in the Azerbaijani Agricultural Insurance Fund told Trend.
According to the source, this topic was a key focus during the visit of representatives of the Azerbaijani Ministry of Agriculture and the leadership of the Agricultural Insurance Fund to Uzbekistan.
In the course of the visit, the delegation, consisting of Fuad Sadygov, Chairman of the Board of the Agricultural Insurance Fund, and Zaur Aliyev, Advisor to the Minister of Agriculture, held meetings at the Ministry of Agriculture, the Ministry of Economy and Finance of Uzbekistan, and the National Agency for Perspective Projects of Uzbekistan.
A meeting with the Deputy Minister of Economy and Finance of Uzbekistan Akhadbek Haydarov, the head of the department Botir Umonaliyev, and the Deputy Director of the Ministry of Agriculture’s department Ilkhom Jurayev discussed applying the agricultural insurance system experience of Azerbaijan in Uzbekistan, based on the memorandum signed between the two countries.
The cooperation in the field of agricultural insurance between Azerbaijan and Uzbekistan and the implementation of Azerbaijan's experience were discussed in a meeting with the Deputy Chairman of the National Agency for Perspective Projects of Uzbekistan Vyacheslav Yuryevich.
The creation of a state-supported agricultural insurance mechanism in Azerbaijan was initiated by the decree of the President of Azerbaijan, Ilham Aliyev, dated August 19, 2019. This decree enacted the “Agricultural Insurance Law” and established the Agricultural Insurance Fund.
The agricultural insurance mechanism in Azerbaijan was created based on the experience and support of Türkiye’s Agricultural Insurance System (TARSIM). Through the agricultural insurance system, crop farming, livestock farming, and fisheries can be insured against numerous risks, including natural disasters. According to the rules, 50 percent of the insurance premium is paid by the state as support to farmers.
Since its inception, the scope and activities of the Agricultural Insurance Fund have been expanding year by year. Currently, approximately 25 percent of the country's total agricultural land, or 447,000 hectares, is insured through the Agricultural Insurance Fund. Payments to farmers and agricultural enterprises have been rapidly increasing, reaching 6.4 million manat ($3.7 million) by the end of 2024, and these figures continue to grow daily.
Azerbaijan's successful agricultural insurance experience has attracted the attention of neighboring countries, and discussions are currently ongoing about implementing this experience in other countries, including Uzbekistan.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel
