Tashkent, Uzbekistan (UzDaily.com) -- On 21 August this year, on the eve of the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to Azerbaijan, a business forum was held in Baku with the participation of heads of key ministries and departments, as well as over 250 representatives of leading companies from two countries.

The Minister of Investments, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Economy of the Republic of Azerbaijan Mikail Jabbarov acted as co-chairs at the event.

In a welcoming speech to the participants, it was noted that thanks to the trusting and friendly relations of the Heads of the two states, the Uzbek-Azerbaijani partnership has acquired a dynamic, steadily growing character and is at a qualitatively new stage of development.

In particular, the trade turnover between our countries increased by 6 times in 2022, and by another 40% since the beginning of this year. It was noted that the heads of state set the task of bringing the figure to US$1 billion in the coming years, including by increasing mutual deliveries of pharmaceutical and petrochemical products, plastic products, polymers and mining products.

Another promising area of cooperation is industrial cooperation. In recent years, the number of joint ventures has quadrupled. Today, over 200 enterprises with Azerbaijani capital operate in Uzbekistan.

At present, the practical implementation of such significant joint projects as the expansion of car production, the creation of cotton-textile and sericulture clusters in Azerbaijan, as well as the production of building materials and jewelry in Uzbekistan, has begun.

Along with this, energy, metallurgy, urban planning, pharmaceuticals, electrical engineering, agriculture, and the food industry, as well as the oil and gas industry are designated as promising areas of cooperation.

Concrete proposals were made on the organization of joint ventures for the production of metal products, pharmaceutical products, household appliances and building materials, including with the assistance of the Uzbek-Azerbaijani Investment Company.

The Uzbek side emphasized the measures taken in the country to improve the business climate and support entrepreneurship. Examples cited include the introduction of free market mechanisms, ensuring healthy competition and the inviolability of private property, creating a comprehensive ecosystem for project development, introducing new mechanisms for their financing and other effective programs aimed at creating the most favorable conditions for businessmen and investors.

The speakers called on the entrepreneurs of both countries for more active interaction. In this context, the B2B and G2B meetings organized on the sidelines of the business forum showed a keen interest in developing ties, allowing participants to present their portfolios, discuss in detail possible areas and formats of cooperation, and plan mutual visits to develop new promising projects.

As a result of the Forum, a solid package of trade contracts and investment agreements was signed in the field of accreditation, oil and gas, chemical industry, mining, pharmaceutical production and household appliances.