Expert: Signing of new documents to strengthen cooperation between Azerbaijan and Uzbekistan

A solid package of documents signed within the framework of the business forum in Baku creates a solid legal foundation for the future cooperation between Azerbaijan and Uzbekistan and will strengthen cooperation between the countries, Uzbek expert and economist Ulugbek Kamaletdinov told Report.

"A solid package of trade contracts and investment agreements was signed, including in the fields of oil and gas, chemical, mining, pharmaceutical, electrical industries on the sidelines of the forum, which was attended by more than 250 representatives of the leading companies of the two countries. If we consider this together with the results of the recent meeting of the Azerbaijani-Uzbek joint intergovernmental commission in Shusha, a solid legal foundation for our future cooperation is actually being created," he said.

"The pragmatic and far-reaching policy of mutual partnership between Uzbekistan and Azerbaijan is largely based on the political will of the leaders of both countries. Our states interact within a number of authoritative international organizations, such as the UN, CIS, SCO, UTC, etc. However, given the growing contradictions and unpredictability in the modern world, bilateral cooperation remains the most effective format of partnership,” said Kamaletdinov.

According to him, intensive growth of trade, economic and investment ties is observed in the Azerbaijani-Uzbek cooperation.

"The trade turnover between our countries increased sixfold in 2022, and by another 40% since the beginning of this year. The number of joint ventures has quadrupled, more than 200 enterprises with Azerbaijani capital are already operating in Uzbekistan," the economist stressed.

Along with the areas mentioned above, Uzbekistan and Azerbaijan have the potential to establish mutually beneficial cooperation in the textile industry, auto production, electrical engineering, as well as in the jewelry industry, the expert believes.

"The use of Azerbaijani technologies and the thousand-year experience of the jewelry school would help Uzbek gold find new market niches, create new jobs, added value," he said.