Uzbekistan and Azerbaijan target $1bn in trade with new package of joint projects

Uzbekistan and Azerbaijan have signed a package of agreements covering investment cooperation, industrial collaboration, project financing, geological exploration, mineral resource development and financial mechanisms, the Ministry of Investment, Industry and Trade (MIIT) announced.

The documents were signed following the 15th meeting of the Uzbekistan – Azerbaijan Intergovernmental Commission and the first meeting of the Business Council in Tashkent. The sessions were co-chaired by Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov and Azerbaijan's Minister of Economy Mikayil Jabbarov.

Later the same day, President Shavkat Mirziyoyev received Mikayil Jabbarov, who conveyed greetings from Azerbaijani President Ilham Aliyev.

During the meeting, the sides noted that bilateral trade increased by 15% in 2025 and has risen by nearly 40% since the beginning of this year. According to the MIIT, trade turnover reached $307.2 million in 2025, up 14.6% year-on-year, while trade expanded by almost 40% in January – May.

President Mirziyoyev also praised the outcomes of the Intergovernmental Commission and Business Council meetings, stressing the importance of thoroughly preparing the economic agenda ahead of upcoming high-level talks.

The ministry also released a list of major joint projects planned under the framework of industrial cooperation. They include the development of the Karakalpak, Terenkuduk, Bayterek, Kulboy, Birkoriy and Haroy oil and gas investment blocks, construction of the Ritz-Carlton hotel and residences in Tashkent, the Sea Breeze Uzbekistan tourism complex in Charvak, Tashkent region, and several residential developments, including Tashkent Luxury Residence and Silk Avenue in New Tashkent.

Other planned initiatives include the construction of Azerbaijan Park in Uzbekistan and Uzbekistan Park in Baku, the establishment of a cotton-textile cluster, new dry construction mix and drywall manufacturing plants in Kashkadarya region, expansion of automobile production in Hajigabul, cooperation in the dairy industry, and jewelry manufacturing in Uzbekistan.

Expanding bilateral trade was one of the central topics of the talks. The two countries reaffirmed their goal of increasing annual trade to $1 billion through a dedicated program that will define priority goods, implementation timelines and responsible agencies.

The meeting also reviewed ongoing cooperation projects in property development, energy, geology, logistics, the textile industry and tourism, including initiatives involving the joint Investment Company. The participants emphasized the importance of implementing previously reached agreements on schedule and preparing new cooperation proposals in the pharmaceutical, electrical engineering, food processing and construction materials industries.

The two sides also agreed to hold the fourth Uzbekistan–Azerbaijan Interregional Forum in August and approve a schedule of reciprocal visits by regional leaders for 2026–2027. The meeting concluded with the signing of the Intergovernmental Commission's protocol, formalizing the agreements reached and outlining the next steps for expanding bilateral cooperation.