11:06 / 27.02.2023

Uzbekistan, Azerbaijan establish a joint investment fund worth $500 million

The countries plan to increase the trade turnover to $1 billion and create new joint ventures.

Photo: MIIT

On February 24, an interregional forum of Uzbekistan and Azerbaijan was held in Tashkent, Spot reported citing the MIFT press service. 

From the Uzbek side, the forum was chaired by the head of the Ministry of Industry and Trade Laziz Kudratov and acting Foreign Minister Bakhtiyor Saidov. The delegation of guests was headed by Minister of Economy Mikayil Jabbarov.

The parties noted the potential for deepening trade-economic and investment cooperation. There are opportunities to increase cooperation in the textile industry, sericulture, agriculture, jewelry, the automotive industry, petrochemistry, energy, etc.

Intentions were also emphasized to bring bilateral trade to $1 billion in the near future. To achieve this goal, it is planned to increase mutual deliveries of demanded products and create platforms for direct business contacts.

To finance joint projects, an agreement was drawn up at the forum on the establishment of a joint investment fund with an authorized capital of $500 million.

In addition, a “roadmap” of cooperation between Tashkent and Baku and documents on the establishment of sister city relations between the cities of Bukhara and Lankaran, Khiva and Shusha, Kokand and Sheki, Samarkand and Ganja were signed. In total, as a result of the event, the parties signed 11 trade and economic documents in priority sectors of regional development.