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Minister of Investments hosts Azerbaijan’s Minister of Economy

Minister of Investments, Industry and Trade of Uzbekistan Laziz Qudratov hosted the visiting Minister of Economy of Azerbaijan Mikail Jabbarov.

During the meeting, the parties discussed the ways to boost the two-way trade, which increased by 53% in 2022. They indicated to the goal to increase the figures to USD 1 billion dollars, thorugh increasing the supply of petrochemical products, ores and concentrates, aluminum, food products, mechanical and electrical equipment, textiles and pharmaceutical products.

An agreement was reached on the organization of the supply of fruits and vegetables, food, textile, leather and footwear products, as well as regular trade and business missions and exhibitions of national products in the big cities of the two countries.

The sides explored the possibilities of expanding industrial cooperation between the two countries as examples of specific project initiatives. We are talking about a systematic approach to the development of new projects, that is, taking into account competitive advantages and organizing the activities of the Uzbekistan-Azerbaijan investment fund for their joint financing. Automotive industry, cotton and textile production, silk industry and other industries were identified as the most promising areas of cooperation.

In the same way, the possibility of implementing a number of projects in the field of transport and logistics was studied. It was agreed to take incentive measures aimed at increasing rail freight and transit.

As an outcome, the parties expressed willingness to further develop and strengthen the strategic partnership with Azerbaijan, and agreed to approve a Road Map, which includes specific measures for the implementation of the reached agreements.

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Minister of Investments hosts Azerbaijan’s Minister of Economy