Baku: "Our trade and economic cooperation have developed rapidly in recent years," President of the Republic of Azerbaijan Ilham Aliyev stated in an interview with Uzbekistan National News Agency (UzA), APA reports.
According to Azeri-Press News Agency, President Ilham Aliyev highlighted that in 2025, the trade turnover between Azerbaijan and Uzbekistan increased more than threefold compared to the previous year, reaching USD 795 million. In the first five months of 2026 alone, trade turnover grew by 33 percent compared to the same period of the previous year, amounting to USD 144 million.
The Azerbaijan-Uzbekistan Investment Company, established three years ago with a capital of $500 million, plays a significant role in bolstering investment cooperation between the two nations. This company contributes to financing and implementing promising projects across various sectors in both countries. Additionally, the Intergovernmental Commission, having held 15 meetings so far, is crucial in fostering cooperation in economic, trade, and investment spheres.
In the energy sector, cooperation is thriving. The joint venture Neftegaztexnologiya, founded with the Uzbek institute O'ZLITINEFTGAZ and SOCAR NIPI Neftegas, has been active in the oil and gas industry since 2016. Furthermore, the SOCAR-Uzbekneftegaz JSC joint venture Turan Energy AFEZCO, established in 2024, exports high-pressure polyethylene produced by Azerikimya Production Union to Uzbekistan.
Green energy collaboration continues with the establishment of the Green Corridor Union LLC in 2025, a joint venture between Azerbaijan, Kazakhstan, and Uzbekistan, aimed at coordinating the Azerbaijan-Central Asia Green Energy Corridor project. This venture focuses on renewable energy export and transmission possibilities across the Caspian Sea.
Transit transportation between Azerbaijan and Uzbekistan has also seen growth. In 2025, the volume increased by 6.7 percent, amounting to 1.4 million tons, and by June of the current year, a 12.2 percent increase was recorded, reaching 675,000 tons.
Joint projects with Uzbekistan are expanding economic cooperation, such as the 'Garden of Friendship' pomegranate orchard in the Fuzuli district and production of Chevrolet and Isuzu vehicles. As of mid-July 2026, 10,720 Chevrolet cars and 275 Isuzu buses had been produced.
Over 130 commercial entities with Uzbek investments operate successfully across various sectors in Azerbaijan, reflecting mutual trust and a favorable investment climate. Azerbaijani companies are also making investments in Uzbekistan, including significant projects by PASHA Holding and the 'Sea Breeze Uzbekistan' complex.
President Aliyev expressed confidence that this economic partnership will continue to grow, benefiting both nations and serving as a strong foundation for Azerbaijan-Uzbekistan relations.