Baku, 22 August 2023 (TDI): The Azerbaijan and Uzbekistan business forum was held in Baku on August 21 to facilitate discussions on joint enterprises, entrepreneurial development, investment and areas of cooperation between Azerbaijan and Uzbekistan.
The event was co-chaired by the Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov and the Minister of Economy of the Republic of Azerbaijan, Mikail Jabbarov.
The representatives of relevant ministries and agencies of the two countries, with more than 250 leading companies participated in the forum.
In consideration of the consistent mutual cooperation between the two countries, the speakers highlighted that the volume of trade between the two countries in the year 2023, has risen by 40 percent, surpassing 6 billion dollars in 2022.
The ministers of the two countries also notified that the aim of increasing the mutual supply of pharmaceutical and petrochemical products, plastic products, polymers and mining industry products is to increase the figure of the amount of trade to 1 billion dollars in the coming years.
Moreover, it was stated that in the sector of industrial cooperation, in the current time period, more than 200 Uzbekistan-based enterprises are operating with Azerbaijani capital.
Launch of Measures for Joint Ventures
At the Azerbaijan-Uzbekistan business forum, the launch of measures for undertaking joint ventures for developmental projects was elucidated including the expansion of automobile production and the organization of cotton-textile and silk industry clusters in Azerbaijan.
Similarly, the process of implementation of joint projects in the production of construction materials and jewellery in Uzbekistan has also been launched.
At the business forum, in proceeding to explicate the establishment of joint enterprises, the speakers brought focus to particular proposals made with the support of Uzbekistan-Azerbaijan Investment Company.
The proposals that were made for joint enterprises encompassed the production of metal products, pharmaceutical products, household appliances and building materials.
The Uzbek side at the business forum, also shed light on the measures taken to improve the business environment in Uzbekistan.
The measures encapsulated effective programs aimed at introducing free market mechanisms, the privacy of private property, creating a comprehensive ecosystem for project development and introducing new financing mechanisms.
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B2B and G2B Meetings
Both of the ministers also encouraged the businessmen who participated in the forum to actively cooperate and participate.
In this regard, the Business to Business (B2B) and Government to Business ( G2B) meetings organized within the framework of the business forum laid an opportunity for participants to present the projects they have implemented.
Furthermore, to discuss prospective directions, and formats of cooperation, and to plan mutual visits for the development of new promising projects.
Consequently, as a result of the Azerbaijan and Uzbekistan business forum large trade agreements and investment agreements were signed in the fields of oil and gas, chemical and mining industries, pharmaceutical products and household appliances production.
