Tashkent, Uzbekistan (UzDaily.com) -- In Tashkent, on the eve of the visit of the President of the Republic of Azerbaijan to the Republic of Uzbekistan, an Uzbek-Azerbaijani business forum was held, organized by the Ministry of Investments and Foreign Trade and the Chamber of Commerce and Industry of the Republic of Uzbekistan jointly with the Ministry of Economy and the Agency to promote exports and investments of the Republic of Azerbaijan.

The event was attended by heads of ministries and departments, industry associations and more than 100 representatives of the largest companies in Azerbaijan and Uzbekistan.

Opening the event, the heads of delegations - Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Minister of Economy of the Republic of Azerbaijan Mikail Jabbarov noted the commitment of the governments of the two countries to further expand multifaceted cooperation and, first of all, to establish strong direct ties between the business communities of Uzbekistan and Azerbaijan.

Emphasizing the successes achieved in investment, industrial and trade cooperation, the parties noted the significant untapped potential of the economies of the two countries and the existing prerequisites for further building up mutually beneficial partnerships in such areas as petrochemical, chemical, electrical, textile, food, pharmaceutical, jewelry, automotive and other industries. .

It was noted that the consistent diversification of economic cooperation between the two countries will allow Uzbek and Azerbaijani manufacturers to create new value chains and jointly enter the markets of third countries.

It was also announced the introduction of specific measures to stimulate an increase in mutual and transit cargo transportation through the territories of the two countries, which will deepen Uzbek-Azerbaijani cooperation in the field of transport and logistics.

In conclusion, the heads of delegations wished the participants fruitful work at the Forum, meaning the development of specific areas for mutually beneficial partnership and reaching firm agreements.

As part of the program of the event, panel sessions were held in the "B2B" and "G2B" formats, during which representatives of the Uzbek and Azerbaijani businesses were able to substantively discuss the prospects for business cooperation based on specific project proposals.

As a result of the Forum, a number of agreements were signed on the implementation of joint projects and trade contracts worth more than US$500 million, as well as 10 agreements on practical cooperation between the relevant ministries and departments of the two countries.