Uzbekistan needs to increase trade turnover with Azerbaijan - Uzbek minister

Uzbekistan Materials 24 February 2023 17:08 (UTC +04:00)
Nazrin Babayeva
Nazrin Babayeva
Read more

BAKU, Azerbaijan, February 24. Uzbekistan needs to increase trade turnover with Azerbaijan, Minister of Investments, Industry and Trade of Uzbekistan Laziz Kudratov said at the first Uzbek-Azerbaijani Interregional Forum, Trend reports via the Uzbek media.

According to Kudratov, Uzbekistan has set itself the task of increasing the volume of bilateral trade with Azerbaijan to $1 billion over the next five years.

The minister added that Uzbekistan plans to increase the volume of imports from Azerbaijan to $500 million, and exports to $600 million.

The first Uzbek-Azerbaijani Interregional Forum is being held in Tashkent on February 23-24. During the forum, Uzbekistan and Azerbaijan signed an intergovernmental agreement on the establishment of a $500 million joint investment fund.

The trade turnover between Azerbaijan and Uzbekistan amounted to $181.9 million in 2022. Exports from Uzbekistan to Azerbaijan over the past year totaled $132.3 million, while imports accounted for $49.5 million.

In January 2023 alone, the trade turnover between the two countries exceeded $11 million.