Azerbaijan's to have 75% share in joint investment fund with Uzbekistan

Azerbaijan's share in the joint investment fund will be 75%, and Uzbekistan's will make 25%, Ambassador of Azerbaijan to Uzbekistan Huseyn Guliyev said, Report informs via Sputnik Uzbekistan.

"There is an agreement to approve the road map for the creation of the fund until November 2022," Guliyev noted.

According to the ambassador, the parties also intend to sign an agreement on tourism.

The countries want to bring the volume of trade to $1 billion. To do this, they will hold exhibitions of national manufacturers, organize mutual trade missions, and increase cargo transportation along the Trans-Caspian transport route.

The parties also aim to export products to third countries - it is planned to create joint textile enterprises, a pilot agricultural park for growing silkworms in Yevlakh, and a laboratory for growing seedlings in Azerbaijan.

"In Uzbekistan, it is planned to create a joint venture to produce jewelry," the ambassador stressed.

The creation of the investment fund was announced during the meeting of the Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjaev with the Minister of Economy of Azerbaijan Mikayil Jabbarov in Tashkent. The parties agreed to intensify efforts for the timely and high-quality implementation of 87 joint projects and trade contracts worth over $500 million in the oil and gas industry, the chemical industry, the textile sector, and agriculture.