On August 21 this year, on the eve of the state visit of the President of the Republic of Uzbekistan Sh.M.Mirziyoyev to Azerbaijan, a business forum was held in Baku with the participation of heads of key ministries and departments, as well as over 250 representatives of leading companies of the two countries.

The event was co-chaired by Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, and Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan.

In the welcoming speech to the participants, it was noted that thanks to the trusting and friendly relations of the Heads of the two states, the Uzbek-Azerbaijani partnership has acquired a dynamic, steadily growing character and is at a qualitatively new stage of development.

In particular, the trade turnover between our countries increased by 6 times by the end of 2022, and by another 40% since the beginning of this year. It was noted that the heads of state set a task to bring the figure to $1 billion in the coming years, including by increasing mutual supplies of pharmaceutical, petrochemical products, and plastic products, polymers and mining products.

Industrial cooperation is another promising area of cooperation. In recent years, the number of joint ventures has increased fourfold. To date, over 200 enterprises with Azerbaijani capital operate in Uzbekistan.

Currently, the practical implementation of such significant joint projects as the expansion of automobile production, the creation of cotton-textile and silk-growing clusters in Azerbaijan, as well as the production of building materials and jewelry in Uzbekistan has begun.

Along with this, promising areas of cooperation are energy, metallurgy, urban planning, pharmaceuticals, electrical engineering, agriculture and food industry, as well as the oil and gas industry. Specific proposals were announced for the organization of joint manufacturing of metal products, pharmaceutical products, household appliances and construction materials, including with the assistance of the Uzbek-Azerbaijani Investment Company.

The Uzbek side stressed the measures taken in the country to improve the business climate and support entrepreneurship. Among the examples given are the introduction of free market mechanisms, ensuring healthy competition and inviolability of private property, the creation of a comprehensive ecosystem for the development of projects, the introduction of new mechanisms for their financing and other effective programs aimed at creating the most favorable conditions for businessmen and investors.

The speakers called on entrepreneurs of both countries to cooperate more actively. In this context, a keen interest in the development of ties was demonstrated by meetings organized on the sidelines of the business forum in the "B2B" and "G2B" format, which allowed participants to present their portfolios, discuss in detail possible areas and formats of cooperation and plan mutual visits to work out new promising projects.

As a result of the Forum, a solid package of trade contracts and investment agreements was signed in the field of accreditation, oil and gas, chemical and mining industries, pharmaceutical production and household appliances.