Azerbaijan invests over $60 million in Uzbekistan's economy

Vice-President of the Azerbaijan Entrepreneurs Confederation Jala Hajiyeva has said that Azerbaijan has invested $64 million in Uzbekistan's economy up to date.

She made the remarks at the Azerbaijani-Uzbek business forum in Baku on June 21, according to Report.

Uzbekistan's total investments in Azerbaijan made up $18.5 million, Hajiyeva added.

She noted that more than 40 companies with the Azerbaijani capital operate in Uzbekistan, while the number of Uzbek companies operating in Azerbaijan is 53.

"Azerbaijani companies are interested in building a business in Uzbekistan," she said.

The value of trade turnover between Azerbaijan and Uzbekistan in 2021 amounted to $11.9 million, which is 36 per cent more compared to 2020. At today's business forum, Uzbekistan is represented by 19 companies, the report added.

The trade turnover between Uzbekistan and Azerbaijan has grown almost seven times from $17.1 million in 2016 to $118.8 million in 2021.

At the same time, exports increased 5.8 times from $13.1 million to $75.9 million, and imports increased 10 times from $4.0 million to $42.9 million.

In January-May 2022, compared to the same period last year, Uzbekistan's trade turnover with Azerbaijan increased by 49.1 per cent and amounted to $66.4 million, exports increased by 70.7 per cent to $48.1 million, imports increased by 11.9 per cent and amounted to $18.3 million, Uzbekistan's Review.Uz website reported earlier.