Uzbekistan, Azerbaijan tripled trade turnover over past five years
Ulviyya Shahin
Read more"In the last five years, trade turnover between Uzbekistan and Azerbaijan has increased threefold."
Azernews reports that this was announced by Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov, at the Uzbekistan-Azerbaijan business forum held in Tashkent.
"Since the beginning of this year, the volume of mutual trade has risen by 20%. Although the absolute figures are still modest, we aim to increase this indicator to 1 billion US dollars within the next two years," he stated.
Azerbaijan is poised to invest over 500 million US dollars in Uzbekistan's construction sector, as reported by Kanan Jalilov, Honorary Consul of Uzbekistan in Azerbaijan, at the same forum.
Azerbaijan's Minister of Economy, Mikayil Jabbarov, noted that cargo transportation between the two countries has increased by approximately 25-30%.
"Established transport-logistics connections are yielding the expected results. We observe that cargo transportation in the region has grown by 25-30% in both directions," the minister remarked.
Jabbarov also mentioned that a textile production enterprise will soon be established in the city of Khankendi as an investment project by an Uzbekistani company.
The forum also discussed the opening of trade houses and showrooms in Baku, Shusha, Tashkent, and Samarkand.
According to Laziz Kudratov, Uzbekistan is ready to process minerals in Azerbaijan, produce construction materials, and participate in reconstruction efforts in the liberated territories of Karabakh.
Additionally, Kudratov extended an invitation to Azerbaijani companies to engage in the development and production of non-ferrous metal deposits in Uzbekistan.
"We invite Azerbaijani companies to participate in the development and production of non-ferrous metals, including copper deposits. Cooperation in the fields of energy and oil and gas is advancing well," the Uzbek minister concluded.
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