The Minister of Investments, Industry and Trade of Uzbekistan, Laziz Kudratov, attended the II International Investment Forum of Azerbaijan, which took place in Baku on September 25. The forum was held under the patronage of the President of Azerbaijan, Ilham Aliyev.
The event attracted over 3,000 participants, including representatives from governments, international financial institutions, as well as business and investment communities. Participants discussed opportunities for joint projects and ways to strengthen economic ties between the regions.
Areas of Cooperation and Transport Corridors
Speaking at the panel discussion 'The Future of Global Growth: Investment and Transport Connectivity,' Laziz Kudratov outlined key areas for interaction. These include industrial cooperation, mutual investments, development of transport infrastructure, green energy, the capital market, the digital economy, and human capital.
The Minister particularly emphasized the importance of the Middle Corridor. He noted that changes in international logistics have led to increased delivery times for Uzbek goods to Europe, which increases the significance of alternative transportation routes.
Over the last two to three years, the volume of cargo transportation through Azerbaijan has doubled, with growth this year amounting to about 30%. Uzbekistan and Azerbaijan are working to increase the volume of cargo transportation via the Caspian Sea and create new transport links.
Investment Opportunities and Bilateral Partnership
In the field of industrial cooperation, Uzbekistan participates in the textile and automotive industry projects of Azerbaijan. In turn, Azerbaijani investments in Uzbekistan are directed towards the mining, energy, food production, and other sectors.
The forum also considered the potential for implementing joint projects in solar and wind energy, specifically discussing the possibility of supplying clean electricity from Central Asia to Europe.
Presenting Uzbekistan's investment opportunities, the head of the Ministry of Investments, Industry and Trade spoke about the development of the stock market and the listing of shares of the National Investment Fund on the stock exchanges of London and Tashkent. The digital economy was identified as another priority; by 2030, Uzbekistan aims to increase IT service exports to 5 billion US dollars.
In an interview with Azerbaijani media, Laziz Kudratov also touched upon practical aspects of bilateral cooperation. One tool for increasing trade turnover between Uzbekistan and Azerbaijan to 2 billion US dollars in the coming years is the creation of joint production facilities. Promising areas named are pharmaceuticals, building materials, agriculture, and food processing. The parties are also working on establishing a joint venture for cargo transportation across the Caspian Sea.
Furthermore, conditions for mutual investment in oil refining are being discussed, as well as SOCAR's plans to develop a network of gas stations in Uzbekistan.