On November 14 this year, during his stay in Baku, Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, held a meeting with Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan.

During the talks, issues of investment, trade and economic partnership and industrial cooperation between the two countries were discussed.

In particular, the tasks of increasing the volume of bilateral trade were considered. By the end of 2022, trade between Uzbekistan and Azerbaijan increased by 53% compared to the previous year, and in January-September 2023 – by 36.4%. Joint readiness was expressed to intensify joint work to bring mutual trade to $1 billion a year.

Practical issues of activity of the Uzbek-Azerbaijani investment company were discussed. An agreement was reached on the early appointment of management and expansion of the package of promising investment projects planned for financing at the expense of the Fund.

The implementation course of joint projects on the territory of the two countries for the construction of water treatment facilities, tourist facilities, production of metal products and household appliances, medical equipment and medical products, as well as the creation of a textile cluster was profoundly considered. Common positions and step-by-step mechanisms were developed to accelerate the practical implementation of projects.

The parties also welcomed plans to create "think tanks" that will play a key role in promoting economic and technological cooperation between the countries, including the exchange of innovative ideas and technological solutions.

As a result of the meeting, mutual commitment was confirmed to further expansion of cooperation, specific plans and responsible managers for accelerated implementation of the discussed projects and initiatives were identified.