Uzbekistan-Azerbaijan Business Forum Highlights Expanding Economic Ties

The Uzbekistan-Azerbaijan Business Forum, held in Tashkent today, underscored the growing economic partnership between the two countries, drawing around 300 entrepreneurs from diverse sectors, including construction, agriculture, automotive, and tourism. The event, supported by the Ministry of Investment, Industry, and Trade of Uzbekistan, the Ministry of Economy of Azerbaijan, the Export and Investment Promotion Agency (AZPROMO), and the Uzbekistan Foreign Investment Attraction Agency, was marked by significant speeches and bilateral discussions.

Uzbekistan’s Minister of Investment, Industry, and Trade, Leziz Kudratov, and Azerbaijan’s Economy Minister, Mikayil Jabbarov, addressed attendees, highlighting the pivotal role of the upcoming state visit by Azerbaijani President Ilham Aliyev in strengthening bilateral relations. The ministers emphasized the importance of such forums in fostering new projects and enhancing cooperation between the two nations.

The forum also spotlighted the dynamic growth in trade turnover between Azerbaijan and Uzbekistan, underlining the multilateral investment cooperation. The two countries are set to advance economic and trade relations through a joint roadmap for 2024-2025, focusing on sectors like agriculture, tourism, construction, pharmaceuticals, and automotive. A key initiative is the Azerbaijan-Uzbekistan Investment Company, with an authorized capital of $500 million, currently analyzing financing for 15 joint projects.

Participants were encouraged to leverage the investment company’s opportunities, which aim to bolster regional cooperation, particularly in energy and transport sectors. The potential of exporting green energy from Central Asia to Europe through Azerbaijan was also highlighted.

The forum featured presentations by notable figures, including Yusif Abdullayev from AZPROMO, Nodir Pulatov of “Businessstex,” Kamran Abasov from “Iticket Azerbaijan,” and Temur Mamadaminov from “Basalt Uzbekistan.” They discussed successful joint projects and future investment opportunities. Additionally, a video presentation on Azerbaijan-Uzbekistan relations was shown, enhancing understanding of mutual benefits.

During the event, documents were signed to formalize cooperation in energy, education, logistics, and construction. Agreements were also made to establish twinning relations between Guba and Jizak, and Shahrisabz and Beylagan.

The business forum concluded with B2B meetings, and the opening of the Azerbaijan-Uzbekistan Investment Company office in Tashkent. The company, registered as “Azerbaijan Uzbek Investment” LLC in December 2023, is located in the Trilliant Tower 1 Business Center. Its mission includes financing business expansions, promoting import-substituting and high-tech products, increasing trade turnover, and attracting foreign investment.