Azerbaijan, Uzbekistan aim to boost trade turnover to $1 billion by 2030 Photo

Azerbaijan and Uzbekistan have set an ambitious target to increase their bilateral trade turnover to $1 billion by 2030, signalling strengthened economic ties between the two countries.

The announcement was made by Azerbaijan’s Minister of Economy, Mikayil Jabbarov, at the Azerbaijan-Uzbekistan Interregional Forum held in Baku, Caliber.Az reports, citing local media.

He emphasised that this goal will be achieved not only through enhanced trade but also by expanding mutual investments and fostering industrial cooperation projects. “A number of steps are being taken in this direction,” he said.

Highlighting the positive trajectory of bilateral relations, Minister Jabbarov noted that in the first five months of this year, trade turnover with Uzbekistan more than tripled compared to the same period last year, surpassing $200 million.

Complementing this outlook, Uzbekistan’s Minister of Investments, Industry and Trade, Laziz Kudratov, announced plans to develop a dedicated programme for industrial cooperation between the two nations.

Speaking at the same forum, he outlined Uzbekistan’s intention to deepen engagement in Azerbaijan by expanding trade houses to familiarise Azerbaijani businesses with opportunities within the Uzbek economy.

“We will also create opportunities for Azerbaijani producers to showcase and promote their products in the Uzbek market,” Kudratov added.

He further confirmed that both countries had agreed to establish a joint schedule for reciprocal visits and business missions to enhance direct collaboration.

Expressing optimism about the forum’s outcomes, Kudratov hoped new projects in industrial cooperation would be finalised during ongoing negotiations and discussions.

These developments underscore the growing economic partnership between Azerbaijan and Uzbekistan, reflecting a shared commitment to broaden cooperation and deepen regional integration.

By Aghakazim Guliyev