Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

On May 21 this year, the 2nd Interregional Forum "Uzbekistan - Azerbaijan" took place in the city of Guba, Republic of Azerbaijan, with more than 300 representatives of business circles, leaders of ministries, departments, industry associations, and local authorities of the two countries participating. 
 
The co-chairs of the Forum were: Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, from the Uzbek side, and Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, from the Azerbaijani side. 
 
Welcoming the participants, Laziz Kudratov focused on the significant growth of multifaceted Uzbek-Azerbaijani cooperation. For instance, he noted that the volume of Uzbek-Azerbaijani trade turnover has tripled over the last five years, and since the beginning of 2024, it has increased by another 15%. The countries are confidently moving towards reaching a trade turnover of US$1 billion in the near future. 
 
There is also an increase in investment interaction. Over the past few years, the number of joint ventures has increased fivefold. Today, there are over 240 enterprises with Azerbaijani capital operating in Uzbekistan. Based on joint experience, collaborative projects have been launched for car manufacturing, textile and sericulture clusters in Azerbaijan, and projects for the production of gypsum board and jewelry in Uzbekistan. 
 
New directions for cooperation development have been identified. First and foremost, this includes deepening trade relations based on the complementarity of economies, including increasing trade in petrochemical products and food, electrical equipment, textiles, and pharmaceutical products. Secondly, it involves the implementation of joint industrial cooperation projects in light industry, agriculture, pharmaceuticals, electrical engineering, mechanical engineering, chemical, and jewelry sectors using the advantages of Special Economic Zones (SEZs). 
 
The Uzbek-Azerbaijani Investment Company, with a capital of US$500 million, plays a significant role in stimulating the implementation of joint projects. 
 
Prospects for expanding transport-logistics connections and tourism were highlighted, which will be facilitated by launched flights between the capitals of the two countries and such historical cities of Uzbekistan as Samarkand, Urgench, and Fergana. 
 
Speakers expressed commitment to further deepening qualitative cooperation with Azerbaijan and readiness to provide comprehensive support for the implementation of joint projects. 
 
On the sidelines of the forum, Laziz Kudratov held negotiations with Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, in a narrow format, during which upcoming joint projects were discussed in detail, specific measures were outlined, and responsible leaders were identified. 
 
During the event, presentations of the investment and industrial potential of the regions of the two countries were also held, and negotiations in the B2B and G2B formats took place, where entrepreneurs were able to make new acquaintances and discuss practical aspects of mutually beneficial cooperation. 
 
As a result of the Interregional Forum, Memorandums of Understanding on cooperation in trade-economic and cultural-humanitarian spheres were signed between Termez and Bilasuvar, Namangan and Mingachevir, Gulistan and Fizuli, as well as investment agreements and trade contracts in the field of agriculture and textile industry.