Uzbekistan and Azerbaijan intend to increase mutual trade turnover to $1 billion, up from slightly over $230 million in 2023, Sputnik-Uzbekistan reports.
This was discussed during the 13th session of the Joint Intergovernmental Commission on Cooperation held in Bukhara under the chairmanship of Uzbekistan's Minister of Investments, Industry and Trade, Laziz Kudratov, and Azerbaijan's Minister of Economy, Mikail Jabbarov.
"The measures to increase trade to $1 billion were discussed, including import substitution based on analysis of demanded goods, conducting regular trade and business missions, and exhibitions of national products in major cities on a reciprocal basis," the statement said.
The parties reviewed projects on silk production, textile cluster creation, international school construction, and food production organization. They also outlined new prospective areas of cooperation in mechanical engineering, electrical engineering, construction materials, energy, petrochemicals, agriculture, and tourism.
"Special attention was given to diversifying transport corridors and creating logistical infrastructure to increase bilateral and transit freight volumes," the statement noted.
Additionally, the participants discussed measures to develop interregional cooperation, agreed on a schedule of mutual visits, and organized activities of a standing working group to develop new projects and define mutually beneficial partnership directions.
For reference: trade turnover between Uzbekistan and Azerbaijan increased by 26.5% in 2023 to $231.6 million.
In Uzbekistan, 236 enterprises operate with Azerbaijani capital, including 62 joint ventures and 174 enterprises with 100% foreign capital. In Azerbaijan, there are 70 Uzbek companies operating.
CentralasianLIGHT.org
July 12, 2024