Uzbek-Azerbaijani Business Forum Promotes Strategic Economic Cooperation

A new phase of investment cooperation between Azerbaijan and Uzbekistan is emerging, driven by the activities of an Azerbaijani-Uzbek investment company with an authorized capital of $500 million. This joint initiative was presented at the Uzbek-Azerbaijani forum held in Tashkent on August 22-23.

Anglo Asian Mining PLC (AIM: AAZ), a gold, copper, and silver producer operating in Azerbaijan, announced its production forecast for the full year 2024 after receiving the green light on August 5 to raise the wall of its tailings dam. The company expects to produce between 15,000 and 19,500 gold equivalent ounces (GEOs) this year, driven by gold and copper outputs.

Azerbaijan's imports of sugar and sugar confectionery rose by 7.7% in value terms in the first half of 2024 compared to the same period last year, according to data from the State Statistics Committee. Despite the increased imports, domestic sugar production in January-July 2024 fell to 162,200 tons, marking a 15% decline from the same period in 2023.

Azerbaijan's import of vegetable and animal fats and oils has surged in volume between January and July of this year, increasing by 29.8% compared to the same period last year. Despite this significant rise in import volumes, the cost per tonne of imported vegetable oils has experienced a notable decline, dropping 10.8% to $1,193.9 from last year's $1,338.6.