Azerbaijan, Uzbekistan convene 13th intergovernmental commission meeting PHOTO

A business delegation led by Azerbaijani Minister of Economy Mikayil Jabbarov conducted a visit to Uzbekistan, focusing discussions on enhancing joint economic partnership in Bukhara.

During the meeting with Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov, both sides underscored the high priority Azerbaijan and Uzbekistan place on bolstering their economic partnership, which not only enhances their own economic growth but also stimulates regional development, Caliber.Az reports citing the Azerbaijani Economy Ministry.

The discussions highlighted new economic opportunities across various sectors, emphasizing the importance of expanding joint initiatives. Specific focus was placed on cooperation in industry, agriculture, energy (including renewables and decarbonization), and other mutual interests. Additionally, the 13th meeting of the joint intergovernmental commission between Azerbaijan and Uzbekistan took place, reaffirming its role as an effective platform for advancing business ties and joint projects.

Bilateral trade cooperation remains a cornerstone, with trade turnover reaching approximately $180 million in 2023 and nearing $70 million in the first five months of the current year. Over 90 Uzbek companies are registered in Azerbaijan, spanning sectors such as industry, trade, transport, construction, agriculture, and services.

Successful joint investments in industry were highlighted, including the production of Chevrolet vehicles at the Hajigabul Industrial Park, where over 5,300 cars have been manufactured as of July 1, 2024. The collaboration also extends to cotton and sericulture clusters, interregional forums, and cultural exchanges, underscoring robust ties in various domains.

Furthermore, energy cooperation stands out as promising, with Azerbaijan and Uzbekistan collaborating on oil field development, oil and gas projects, and the potential for electricity export from Central Asia to Europe via Azerbaijan. The recently signed Memorandum of Cooperation on connecting energy systems with Kazakhstan further solidifies this fruitful partnership.

The countries also cooperate effectively in healthcare, tourism, culture, education, and other sectors. Discussions during the commission meeting covered Azerbaijan's incentive mechanisms for economic activity, the potential of liberated territories, ongoing infrastructure projects, and the opportunities available in Azerbaijan's industrial zones and the Alat Free Economic Zone for Uzbek entrepreneurs.

The meeting concluded with the signing of a final protocol, reflecting strengthened partnerships across trade, economy, energy, transport, agriculture, innovation, and beyond. During their visit, the Azerbaijani delegation also toured historical monuments in Bukhara, highlighting the cultural ties between the two nations.