On June 20, Deputy Prime Minister – Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with Minister of Economy of the Republic of Azerbaijan Mikail Jabborov. It was also attended by heads of key ministries and departments of the two countries.
During the meeting, the sides discussed a wide range of issues of bilateral cooperation in investment, trade, transport and logistics.
The field of investment cooperation and industrial cooperation was considered as one of the priorities of the relationship. It was noted that currently there are 238 Uzbek companies with Azerbaijani capital in Uzbekistan and 53 in Azerbaijan.
It was noted that both sides are interested in increasing the number of joint investment projects in the textile, leather and footwear, electrical engineering, food, chemical and silk, automotive and construction materials industries based on the experience gained in the successful establishment of joint ventures in the two countries.
Positive trends in the development of mutual trade were noted. In particular, the volume of Uzbek-Azerbaijani trade turnover in 2021 exceeded 40% and in January-June this year increased by 2 times compared to the same period last year. The next steps to increase mutual supply of petrochemical, chemical and electrical products, ferrous and non-ferrous metals, food, equipment and textiles were discussed. The parties expressed readiness to work together to increase bilateral trade in the near future.
Significant results have also been achieved in the field of transport and logistics. By the end of this year, the volume of freight traffic between Uzbekistan and Azerbaijan is expected to grow by 40%. In this regard, the ways of cooperation in expanding logistics routes connecting the two countries, increasing mutual and transit traffic were considered.
The parties also focused on establishing direct contacts between the regions of the two countries. Prospects for signing an intergovernmental agreement on interregional cooperation were noted.
At the end of the talks, the parties expressed their commitment to further expand cooperation in order to promote the agreements reached and develop new areas of bilateral relations.
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