Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov took part in the II Azerbaijan International Investment Forum in Baku on 25 September. The forum is held under the patronage of Azerbaijani President Ilham Aliyev.
More than 3,000 representatives of governments, international financial institutions, investment and business communities registered for the event. Participants are discussing joint projects and opportunities to further strengthen economic ties between the regions.
Speaking at the panel “The Future of Global Growth: Investment and Transport Connectivity,” Laziz Kudratov outlined key areas of cooperation, including industrial cooperation, mutual investment, transport infrastructure development, green energy, the capital market, the digital economy and human capital.
The minister paid particular attention to the Middle Corridor. According to him, changes in international logistics have increased delivery times for Uzbek goods to Europe, raising the importance of alternative transport routes.
Over the past two to three years, the volume of freight transportation through Azerbaijan has doubled, while growth this year stands at about 30%. Uzbekistan and Azerbaijan are working to increase the volume of cargo transportation across the Caspian Sea and develop new transport links.
In industrial cooperation, Uzbekistan is participating in textile and automotive industry projects in Azerbaijan. Azerbaijani investments in Uzbekistan are directed toward mining, energy, food production and other sectors.
The forum also discussed the potential for joint solar and wind energy projects. In particular, the possibility of supplying clean electricity from Central Asia to Europe is being considered.
Presenting Uzbekistan’s investment opportunities, the head of the Ministry of Investment, Industry and Trade spoke about the development of the capital market and the listing of shares of the National Investment Fund on the London and Tashkent stock exchanges. The digital economy was identified as another priority. By 2030, Uzbekistan plans to increase IT services exports to US$5 billion.
In an interview with Azerbaijani media, Laziz Kudratov also spoke about practical areas of bilateral cooperation. The development of joint production facilities is being considered as one of the tools to increase trade turnover between Uzbekistan and Azerbaijan to US$2 billion in the coming years.
Pharmaceuticals, construction materials, agriculture and food processing were identified among the promising areas. The sides are also working to establish a joint venture for freight transportation across the Caspian Sea.
In addition, the sides are considering terms for mutual investment in oil refining, as well as SOCAR’s plans to develop a network of filling stations in Uzbekistan.
