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AzerNEWS Staff

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TASHKENT - Uzbekistan and Azerbaijan have stepped up efforts to expand economic cooperation, attract investment and develop joint projects as nearly 400 companies from both countries gathered in Tashkent for the fourth Uzbekistan-Azerbaijan Interregional Forum.

The forum was organised with the support of Azerbaijan’s Ministry of Economy and Uzbekistan’s Ministry of Investment, Industry and Trade, and jointly hosted by Azerbaijan’s Export and Investment Promotion Agency (AZPROMO) and Uzbekistan’s Agency for Attracting Foreign Investments.

Government officials and businesses representing heavy industry, machinery, metallurgy and metal processing, construction, textiles, agriculture, food, tourism, education, healthcare and pharmaceuticals, engineering, mining, chemicals, furniture, electrical engineering, automotive manufacturing, leather goods and plastics participated in the event.

Azerbaijan’s Economy Minister Mikayil Jabbarov said the rapid development of bilateral relations, driven by the political will of the two countries’ presidents, was creating fresh momentum for diversifying economic ties and strengthening business partnerships.

Jabbarov highlighted the positive trajectory of economic relations between the two strategic partners and pointed to opportunities to strengthen regional connectivity. He also stressed that cooperation was developing not only at the intergovernmental level but increasingly between cities and regions.

The forum focused on opportunities to expand cooperation in industry, investment, trade, energy, transport and transit, digitalisation and agriculture, while strengthening direct links between businesses.

The Middle Corridor emerged as one of the key areas of discussion. Officials said Azerbaijan and Uzbekistan should seek to transform the route from a transit corridor into a broader economic platform capable of generating additional value.

Achieving that goal, they said, would require closer coordination of rail and maritime transport, optimisation of tariffs and expanded digital information exchange.

The two sides also highlighted investment opportunities in Azerbaijan’s Karabakh and East Zangazur regions, where government-backed infrastructure and investment incentives are being developed to attract private-sector investment.

Uzbekistan’s support for the reconstruction of Azerbaijan’s formerly occupied territories was described as an important symbol of the close ties between the two countries.

Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov said economic relations with Azerbaijan were developing consistently, with significant opportunities to increase mutual trade and investment, strengthen direct business links between regions and launch new joint projects.

AZPROMO Executive Director Yusif Abdullayev and Roksana Nesor, acting director of Uzbekistan’s Agency for Attracting Foreign Investments, presented the investment and export potential of the two countries and outlined support mechanisms available to businesses.

Officials from Baku, Tashkent, Tashkent Region, Namangan, as well as Azerbaijan’s Agdam, Fuzuli, Khojavand and Bilasuvar regions, also discussed opportunities for expanding interregional cooperation.

Business representatives from Uzavtosanoat and AzerShakar outlined opportunities for expanding commercial cooperation and promoting joint projects.

The forum concluded with the exchange of a number of documents covering cooperation in areas including energy, finance, infrastructure, construction and manufacturing.

The agreements are aimed at strengthening ties between business associations, unlocking private-sector potential and facilitating the implementation of joint projects.

The event also featured business-to-business meetings between companies from Uzbekistan and Azerbaijan.