TASHKENT – In a significant development in Central Asian economic relations, trade between Azerbaijan and Uzbekistan has witnessed a substantial increase, rising by 26.5% by the end of 2023.

According to Trend News Agency, the growth in trade volume was highlighted during a meeting between Laziz Kudratov, the Minister of Investment, Industry and Trade of Uzbekistan, and Guseyn Guliyev, the Ambassador Extraordinary and Plenipotentiary of Azerbaijan to Uzbekistan. The meeting underscored the robust, positive dynamics in trade, economic, and investment relations between the two nations, which are underpinned by the warm, trusting interactions between their respective leaders.

The discussions revealed that there are currently 230 enterprises with Azerbaijani capital operating across various sectors in Uzbekistan. These sectors include trade, mechanical engineering, metalworking, finance, insurance, real estate, energy, services, jewelry production, food, and light industry. The meeting also highlighted a solid portfolio of large, mutually beneficial investment projects that are being implemented reciprocally.

Further discussions focused on measures to accelerate the implementation of agreements reached during the state visit of the President of Azerbaijan, Ilham Aliyev, to Uzbekistan in August of this year. These agreements span several key sectors, including urban infrastructure development, industrial production, the chemical industry, and IT.

Both parties expressed a unanimous opinion on the importance of building partnerships between the business communities of the two countries and enhancing interregional cooperation. They confirmed their readiness to take necessary measures to support the business circles and further strengthen cooperation in priority sectors.