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

On September 25, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov took part in the 2nd Azerbaijan International Investment Forum in Baku.

The Forum is being held under the patronage of President of Azerbaijan Ilham Aliyev. More than 3,000 participants have registered, including representatives of governments, international financial institutions, investment and business communities. The programme focuses on joint projects and opportunities to strengthen economic ties between the regions.

Speaking at the panel discussion “The Future of Global Growth: Investment and Transport Connectivity,” the head of MIIT outlined key priorities, including industrial cooperation, mutual investment, the development of transport links, green energy, capital markets, the digital economy and human capital.

Particular attention was paid to the development of the Middle Corridor. Changes in international logistics have increased delivery times for Uzbek goods to Europe, highlighting the importance of alternative routes. It was noted that freight volumes through Azerbaijan have doubled over the past two to three years, while growth this year stands at around 30%. Uzbekistan and Azerbaijan are working to expand freight transportation across the Caspian Sea and develop new transport links.

Industrial partnership and mutual investment were also discussed. Uzbekistan is participating in projects in Azerbaijan’s textile and automotive industries, while Azerbaijani investments are being directed to Uzbekistan’s mining, energy, food production and other sectors.

It was noted that Central Asia’s significant potential in solar and wind energy creates opportunities for joint projects with Azerbaijan. In particular, work is underway on the supply of clean electricity from the region to Europe.

Presenting Uzbekistan’s investment opportunities, the head of MIIT spoke about the development of the capital market and plans to list shares of the National Investment Fund on the London and Tashkent stock exchanges. Investment in human capital and the digital economy was also highlighted among the priorities. By 2030, Uzbekistan aims to increase exports of IT services to USD 5 billion.

In an interview with Azerbaijani media on the sidelines of the Forum, Laziz Kudratov addressed practical aspects of the bilateral agenda. The development of joint production facilities is viewed as one of the ways to increase trade between Uzbekistan and Azerbaijan to USD 2 billion over the next few years.

New areas of cooperation include pharmaceuticals, construction materials, agriculture and food processing. Work is underway to establish a joint venture for freight transportation across the Caspian Sea. In addition, the parties are considering conditions for mutual investment in oil refining, as well as SOCAR’s plans to develop a network of filling stations in Uzbekistan.