Outstanding details of the ‘Agreement between governments of Azerbaijan and Uzbekistan on industrial cooperation’ were completed owing to systematic interaction between the countries, Trend reports referring to the Ministry of Investment and Foreign Trade of Uzbekistan.
According to ministry, the main purpose of the agreement is to strengthen cooperation ties between entrepreneurs of the two countries in the field of metallurgy, chemical and oil and gas industries and other sectors of the economy of mutual interest.
On January 27, Uzbek-Azerbaijani business forum took place in the format of videoconference.
The forum organizers were the Uzbek Ministry of Investments and Foreign Trade, the Agency for Attracting Foreign Investments of Uzbekistan under the ministry, the Azerbaijani Ministry of Economy and the Export and Investment Promotion Fund (AZPROMO) of Azerbaijan.
Participants of the event were First Deputy Minister of Investments and Foreign Trade of Uzbekistan Laziz Kudratov, heads of the Agency for Attracting Foreign Investments and the Agency for Export Promotion, Deputy Minister of Economy of Azerbaijan Rovshan Najaf, head and specialists of AZPROMO, as well as ambassadors of both countries.
Opening the event, Rovshan Najaf emphasized the high level of development of the bilateral relations in the trade, economic, cultural and humanitarian spheres, as well as special attention paid by the governments of the two countries to measures for their consistent strengthening.
He also noted that despite a number of restrictions introduced in connection with the COVID-2019 pandemic, trade between countries in 2020 grew by 12 percent.
Besides, the deputy minister pointed out that the existing potential of trade and economic cooperation between Uzbekistan and Azerbaijan for the most part remains unused, which forms the preconditions for enhancing bilateral cooperation in this direction.
Meantime, the ‘Agreement between the governments of Azerbaijan and Uzbekistan on interregional cooperation’ is at the stage of joint elaboration.
In turn, the leadership of the Ministry of Investment and Foreign Trade provided detailed information on the work being done to ensure the openness and attractiveness of Uzbekistan for foreign investors. There were also noted the measures being taken to create a transparent business environment, combat corruption, improve the investment climate and gradually reduce the role of the state in the economy.
During the event, it was also stated that Uzbek and Azerbaijani companies are successfully implementing a number of joint projects. In order to further expand investment cooperation, the preconditions for the creation of a joint Investment Fund were considered, the purpose of which will be to finance priority investment projects and stimulate the development of industrial cooperation between manufacturers of the two countries.
Within the agenda of the forum’s official part, issues related to the organization of joint events scheduled for holding this year were comprehensively considered, including the 11th meeting of the Intergovernmental Commission between Uzbekistan and Azerbaijan on trade and economic cooperation and the International Exhibition of National Products ‘Made in Uzbekistan’ to be held in Baku.
In addition, as part of the business forum program, panel sessions in the B2B format were held to discuss issues of developing business cooperation. The negotiations were attended by such Azerbaijani companies as Azersun Holding, Lu-Mun Holding, Cahan Holding, Neqsol Holding, Evrascon, Azermash, Uzbek companies Uzkabel, Artel, Silk Road International, Agroexport Gold Fruits, as well as other representatives of the business communities of the two countries.
Events of this format are an effective platform for establishing long-term and perspective relations between the business communities of the two countries, in connection with which, as a result of the event, an agreement was reached on the systematization of such sessions with the participation of representatives of relevant ministries and structures, as well as business communities of both countries.
In total, more than 100 representatives of the largest companies in Azerbaijan and Uzbekistan, representing the textile, food, automotive industries, agriculture, production of building materials and other areas of the economy, took part in the business forum.
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