Uzbek-Azerbaijani business forum unites entrepreneurs and officials in Tashkent PHOTO

A significant business forum between Uzbekistan and Azerbaijan recently took place in Tashkent, supported by Uzbekistan's Ministry of Investment, Industry, and Trade, Azerbaijan's Ministry of Economy, and co-organized by Azerbaijan's Agency for Promotion of Export and Investment (AZPROMO) and Uzbekistan's Agency for Attraction of Foreign Investments. The event brought together around 300 entrepreneurs from various sectors including construction, industry, agriculture, automotive, transport and logistics, healthcare, tourism, and more, alongside officials from both countries.

Azerbaijan's Minister of Economy, Mikail Jabbarov, and Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov, both addressed the forum, the Azerbaijani Economy Ministry told Caliber.Az.

They highlighted the critical importance of enhancing economic cooperation between the two nations. The current official visit of Azerbaijani President Ilham Aliyev to Uzbekistan is expected to further bolster the bilateral partnership. The forum underscored the vital role of collaborative business events in identifying new projects and areas for cooperation, and in successfully advancing initiatives.

Mutual trade and economic relations between Azerbaijan and Uzbekistan are witnessing robust growth. Trade turnover between the two nations is increasing dynamically, reflecting a deepening economic partnership. Investment cooperation with Uzbekistan is multifaceted, as outlined in the joint Roadmap for 2024-2025, which aims to advance projects across agriculture, tourism, construction, pharmaceuticals, and the automotive industry.

A key highlight is the Azerbaijan-Uzbekistan Investment Company, which has an authorized capital of $500 million. This company is currently assessing the financing of 15 joint projects and encourages entrepreneurs to explore its investment opportunities. The successful collaboration between the two countries extends to regional transport and energy initiatives, with a notable emphasis on the export of "green" energy from Central Asia to Europe via Azerbaijan’s territory.

The forum showcased the favourable investment climate and business opportunities in Azerbaijan, particularly highlighting the Karabakh and East Zangezur economic regions.

Key figures such as Yusif Abdullayev, Executive Director of AZPROMO; Nodir Pulatov, General Director of Businesstex; Kamran Abasov, General Director of Iticket Azerbaijan; Temur Mamadaminov, Commercial Director of Bazalt Uzbekistan Group; and Nazim Hajiyev, General Director of the Azerbaijan-Uzbekistan Investment Company, shared insights on current joint projects and future bilateral investment prospects.

Additionally, Kanan Jalilov, Honorary Consul of Uzbekistan in Azerbaijan, discussed the expansion of trade and economic partnerships between the two nations. A video highlighting Azerbaijani-Uzbek relations was presented during the event.

The forum featured the exchange of signed agreements covering various sectors, including energy, education, logistics, and construction. Significant agreements were made to enhance ties between Baku and Tashkent, and to establish twinning relationships between Jizzak and Guba, as well as Shakhrisabz and Beylagan.

The event concluded with B2B meetings, fostering further collaboration between businesses from both countries.