On August 22 this year, in anticipation of the state visit of Ilham Aliyev, President of the Republic of Azerbaijan, to the Republic of Uzbekistan, the Uzbek-Azerbaijani Business Forum was held in Tashkent.

The delegations were headed by, on behalf of the Uzbek side - Laziz Kudratov, Minister of Investment, Industry and Trade, and on behalf of the Azerbaijani side - Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan. The forum was attended by leaders of ministries and agencies, industry associations, heads of regional administrations, and more than 300 representatives of the business communities of the two countries.

At the beginning of his speech, Laziz Kudratov emphasized that such a representative list of Forum participants reflects the high mutual interest of the business communities in interaction. It was highlighted that, thanks to the wise policies of the leaders of the two states, the bilateral partnership has taken on a strategic character and is at a qualitatively new stage of development.

The breakthrough pace of development of multifaceted Uzbek-Azerbaijani interaction was noted. Over the last 5 years, mutual trade turnover has tripled, and since the beginning of this year, the figure has grown by another 20%. Both countries are actively working to achieve the goal set by the state leaders – to increase the volume of mutual trade to $1 billion in the near future.

The scope of investment cooperation is expanding in the most priority sectors of the economy – from energy and urban development to mechanical engineering, from the textile and silk industry to agriculture. Major Azerbaijani companies such as PASHA Holding, MATANAT, SARDA Group, SOCAR, and many others are successfully operating in Uzbekistan. In turn, major Uzbek companies such as Global Textile, AZ Silk, BIZNESTEKS are actively represented in the regions of Azerbaijan.

The joint Investment Company has been launched, which has become the driving force behind the expansion of investment interaction. A specific portfolio of projects in light and food industries, green energy, healthcare, and other areas has been formed.

At the same time, prospective directions for the development of trade, economic and investment cooperation were identified. These include the implementation of import substitution and cooperation programs, placement of goods on electronic platforms, opening of trade houses, showrooms, and national pavilions, increasing supplies of building materials, and establishing positions of industry association representatives on a mutual basis for effective promotion of in-demand products.

There are significant opportunities in the area of deepening industrial cooperation, including through the implementation of new projects in the fields of textile and silk production, building materials, food and mining industries, urban development, and the creation of modern residential and commercial infrastructure.

Also identified as prospective directions are the implementation of joint projects in the mining industry, energy and oil and gas industries, production and export of "green" energy, and agriculture.

In turn, Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, thanked the Uzbek side for the warm reception. Highly appreciating the investment climate created in Uzbekistan and the opportunities for comprehensive development of entrepreneurship, the speaker invited Azerbaijani business to invest in Uzbekistan without hesitation, confidently counting on long-term cooperation.

During the event, B2B and G2B negotiations took place, during which Uzbek and Azerbaijani entrepreneurs were able to exchange contacts, present the potential of their own businesses, discuss prospective directions of interaction, and outline the format for further development of the dialogue. 

As a result of the forum, a solid package of bilateral documents was signed in the areas of infrastructure development and city construction, creation of new logistics centers, educational institutions, and representations of industry associations in the partner countries. A joint "Roadmap" was also adopted, which reflects specific tasks for the development of cooperation and the timelines for their implementation.