Baku and Tashkent are working on the financial and technical aspects of the implementation of five large projects worth over $700 million, the Ministry of Investments and Foreign Trade of Uzbekistan reports.
Earlier, the Minister of Economy of Azerbaijan Mikayil Jabbarov and the Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjayev discussed bilateral cooperation in trade, economic, investment, transport and logistics areas, stressing that in 2021 the volume of bilateral trade between the two countries increased by 42%, and from the beginning this year by another 52%.
"Interaction in the field of industrial cooperation and investment partnership has been considered as one of the priority areas of cooperation. Mutual interest was expressed in accelerating joint work on the Uzbek-Azerbaijani investment fund creation, as well as development of the financial and technical aspects of five major projects worth over $700 million. An agreement to establish a working group to coordinate interaction in these areas has been achieved", the ministry said in a statement, Sputnik Uzbekistan reports.
The meeting participants focused special attention on measures to further expand joint ventures, including the cars production, the production of jewelry and light industry products.
"The parties also discussed measures to develop partnership in the transport and logistics sector and agreed on the organizational aspects of holding the first meeting of the mixed commission on international road traffic to multiply the volume of cargo transportation, including essential goods, through the territories of both countries. In this context, the prospect of taking joint measures to develop transport infrastructure was also noted", the Uzbek ministry said.
Following the meeting, a memorandum of understanding was signed on the establishment of the Azerbaijan-Uzbekistan Investment Fund, which will contribute to the further strengthening and expansion of bilateral economic cooperation and the development of industrial cooperation.
