July 17, 21:35

Azerbaijan and Uzbekistan Establish Joint Venture for Geological Exploration

Azerbaijan and Uzbekistan signed an agreement to create a trilateral joint venture that will conduct geological surveys.

Details of the Visit and Negotiations

The document was signed on July 17 following a working visit by the Azerbaijani delegation to Uzbekistan, led by Minister of Economy Mikayil Jabbarov. During this visit, Jabbarov participated in the fifteenth meeting of the Joint Intergovernmental Commission of Azerbaijan and Uzbekistan on cooperation together with the Minister of Investment, Industry, and Trade of Uzbekistan, Laziz Kudratov.

The main topic of the meeting was deepening trade and investment interaction in line with the priorities set by the heads of both countries. The parties focused on forming new production and logistics chains connecting Central Asia and the South Caucasus, as well as developing transport and logistics routes along the Middle Corridor and expanding investment partnership.

At the conclusion of the meeting, the parties signed a protocol aimed at strengthening cooperation in areas such as economy and trade, energy, transport, agriculture, food security, healthcare, and environmental protection, as well as other priority areas. Additionally, an agreement defining the terms for creating a trilateral joint venture was signed, which will include the companies AzerGold, Uzbekgeologorazvedka JSC, and Azerbaijan-Uzbekistan Investment Company. This new structure will carry out geological exploration activities.

uzdaily.uzJuly 17, 21:26

Uzbekistan and Azerbaijan Sign New Agreements on Investment and Cooperation

In Tashkent, Uzbekistan and Azerbaijan held the 15th meeting of the Intergovernmental Commission on Cooperation and the Business Council, during which a new agreement covering investment, industrial cooperation, and mineral resource development was signed.

Discussion of Economic Partnership

Representatives of state bodies and leading business circles from both countries took part in the meeting. The main goal of the discussions was to expand trade and economic interaction, as well as strengthen investment and industrial partnership.

Participants noted a significant growth in bilateral trade, which reached almost 40% between January and May 2026. The parties confirmed their common goal of increasing annual trade turnover to 1 billion US dollars.

Areas for Joint Projects

During the council, the progress of joint projects in areas such as geological exploration, precious metal mining, textile industry, tourism, and urban development was reviewed. Additionally, initiatives in the pharmaceutical, electrical engineering, and food sectors, as well as the production of building materials, were discussed.

Next Steps and Outcomes

Special attention was paid to strengthening interregional cooperation and preparing for the fourth Uzbekistan-Azerbaijan Interregional Forum, scheduled for August. The parties also discussed expanding the portfolio of projects managed by the joint investment company. At the end of the meeting, the protocol of the 15th session of the Intergovernmental Commission, as well as a package of bilateral agreements concerning investment, financing, industrial cooperation, geological exploration, and mineral exploitation, were signed.

uzdaily.uzJuly 8, 07:45

AzerGold plans joint venture for geological exploration in Uzbekistan

The Azerbaijani state company AzerGold intends to establish a joint venture for conducting geological surveys and assessing promising mineral deposits in Uzbekistan.

Agreements and Development Plans

This was reported by the Chairman of the Board of Directors of the company, Zakir Ibragimov, in an interview with the state information agency Azertac. Previously, in June 2026, a framework agreement on the joint development of a gold deposit in the republic was signed between AzerGold and the Ministry of Mining and Geology of Uzbekistan, which marked an important step in developing bilateral cooperation.

Ibragimov noted that this document signified the first significant stage in expanding the company's international activities. Currently, AzerGold specialists are analyzing geological information and assessing the feasibility of the project in Uzbekistan.

Next Stages of Cooperation

Next, a trilateral agreement is planned to be signed between AzerGold, the Azerbaijan-Uzbek Investment Company, and Uzbekgeologorazvedka JSC. This document will define the main terms for establishing the joint venture, which will be responsible for the geological study and assessment of promising subsurface areas of Uzbekistan.

According to the head of AzerGold, the implementation of this project will lay a solid foundation for the further development of international partnership in the mining industry. Ibragimov emphasized that expanding international operations is one of the company's strategic goals. He added that the goal is to participate in promising mining projects not only in Azerbaijan but also abroad, expanding international ties. In recent years, the company has actively studied opportunities for cooperation with various countries, showing particular interest in mineral-rich regions of Central Asia and Africa.

Visit and Preliminary Agreements

During the visit of the Prime Minister of Azerbaijan, Ali Asadov, to Uzbekistan to attend the V Tashkent International Investment Forum, a package of bilateral documents was signed, including an agreement on the joint development of a gold ore deposit involving AzerGold.

Earlier, Ural Yusupov, Deputy Minister of Mining and Geology of Uzbekistan, stated that Uzbekistan and Azerbaijan plan to make a final decision on starting joint geological surveys of precious metal deposits by the end of 2026. Currently, the potential of precious metal deposits in the Kashkadarya and Surkhandarya regions, as well as critical mineral deposits in Karakalpakstan and Jizzakh region, is being studied.

History of AzerGold Company

AzerGold CJSC was established by decree of the President of Azerbaijan Ilham Aliyev on February 11, 2015. The company's specialization includes geological study, exploration, development, and management of gold, iron ore, and other mineral deposits.