Economic partnership of Türkiye, Azerbaijan, Uzbekistan: Outcomes of business forum in Ankara PHOTO

29 January 2025 17:46

Ankara hosted a trilateral business forum between Türkiye, Azerbaijan, and Uzbekistan, focusing on enhancing economic cooperation, expanding trade relations, and exploring joint investment opportunities.

The event, supported by the Turkish Ministry of Trade, the Azerbaijani Ministry of Economy, and the Uzbek Ministry of Investments, Industry and Trade, brought together approximately 200 entrepreneurs from various sectors, Caliber.Az reports per Ministry of Economy.

These included construction, food and tobacco industries, pharmaceuticals, building materials, tourism, textiles, manufacturing, and logistics.

Ministers from all three nations participated in the forum, including Azerbaijan’s Minister of Economy Mikayil Jabbarov, Türkiye’s Minister of Trade Ömer Bolat, and Uzbekistan’s Minister of Investments, Industry, and Trade Laziz Kudratov. Discussions centred on strengthening economic partnerships under the leadership of the respective heads of state, particularly in light of regional geopolitical developments.

“The Organization of Turkic States (OTS) plays a crucial role in deepening our collaboration,” stated Minister Jabbarov. He highlighted key agreements such as the Digital Economy Partnership signed during the 11th OTS Summit, the Karabakh Declaration, and the Turkic Investment Fund, all of which contribute to fostering strategic economic ties.

The discussions underscored Türkiye’s significant investments in Azerbaijan’s economy, with bilateral investment cooperation steadily expanding. “Azerbaijan has invested $20 billion into the Turkish economy, and we see our investors as integral members of a shared economic ecosystem,” Jabbarov added.

Turkish businesses were invited to play a more active role in the reconstruction of Azerbaijan’s liberated territories and to take advantage of the incentives provided.

Trade between Azerbaijan and Uzbekistan was also reported to be on the rise, with an increase in transport and transit shipments along the Middle Corridor. Currently, eight projects are being developed under the Azerbaijan-Uzbekistan Investment Company, which has a capital of $500 million.

“Projects such as the opening of the Mirzo Ulugbek School in Fuzuli, a gift from the Uzbek people to Karabakh, and the establishment of a textile factory in Khankendi, exemplify the strong brotherhood between our nations,” remarked Minister Kudratov.

The forum included participation from key business figures, including President of Union of Chambers and Commodity Exchanges of Türkiye Rifat Hisarcıklıoğlu, AZPROMO Executive Director Yusif Abdullayev, and the President of the National Confederation of Entrepreneurs of Azerbaijan, Mammad Musayev. Discussions covered regional trade expansion, transport and logistics potential, and strengthening business collaboration.

The event concluded with B2B meetings, allowing entrepreneurs to explore specific partnership opportunities and investment avenues.