Azernews.Az

The potential of trade relations between Azerbaijan and Uzbekistan is several times above the current level, Uzbek Ambassador Sherzod Faiziev told media last week.

"The trade turnover has been constantly growing in the past five years," he said. "At present, it exceeds $60 million. [But] it does not satisfy us. There is great potential for expanding trade relations. We will work to improve contacts between business entities of the two countries, which will eventually increase the trade turnover."

Faiziev said the intergovernmental commission on trade and economic cooperation has outlined a number of key areas of cooperation to be developed.

"For example, Uzbekistan is famous for its textile industry," he said. "The country has very large crops of cotton. It is one of the leading cotton producers -- not just raw cotton, but finished products."

According to him, Azerbaijan could avail of existing opportunities in Uzbekistan's transport and communications sectors.

"Cooperation in the energy sector is also interesting," he added. "Azerbaijan has extensive experience in this field. It is actively involved in implementing various projects in the oil and gas industry."

Faiziev said Uzbekistan is interested the most in using Baku seaports to gain access to the Black Sea and Mediterranean Sea.

The ambassador said Uzbekistan is also of great importance for Azerbaijan as a transit state, as Azerbaijan could access seaports in southeastern Asia and China through the Central Asian state. He said Uzbekistan is therefore offering Azerbaijani businessmen to take advantage of the free economic zone Navoi, a transportation and transit hub, adding that Azerbaijan could develop its trade relations with Asian countries using these opportunities.

"If the interests of Azerbaijani air carriers turn to Asia, particularly the southeast, the Navoi hub can play an important role to ensure that these communications facilitate the development of trade in Azerbaijan. We are interested in this," Faiziev said. The ambassador said implementation of projects in the Navoi free economic zone is being carried out in two directions - ensuring all international transit flights and primarily cargo flights, and construction of industrial facilities in the area.

More than a dozen industrial plants have been opened in the area, Faiziev said.

The Free Navoi Industrial-Economic Zone, established in 2008 in an area of 564 hectares near Navoi, which is one of the most industrialized cities of Uzbekistan. It offers ample opportunities for foreign investors and a big competitive advantage in the creation of industrial complexes with full production in all industries.