Tashkent, Uzbekistan (UzDaily.com) -- On 20 June this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held a meeting with Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov. The meeting was also attended by heads of key ministries and departments of the two countries.

During the meeting, a broad agenda of bilateral cooperation in the field of investment, trade, transport and logistics was considered.

The sphere of investment cooperation and industrial cooperation was considered as one of the priority areas of partnership.

It was noted that currently 238 enterprises with Azerbaijani capital operate in Uzbekistan, and 53 Uzbek companies operate in Azerbaijan.

Mutual interest was expressed in increasing the number of joint investment projects in the textile, leather and footwear, electrical, food, chemical jewelry and silk industries, the automotive industry and the production of building materials based on the already gained experience of successfully creating joint ventures in the territories of the two countries.

Positive trends were noted in the development of mutual trade: for example, in 2021, the volume of Uzbek-Azerbaijani trade increased by more than 40 percent, and from January to June of this year - 2 times compared to the same period last year. Further joint steps were discussed to increase mutual deliveries of products from the petrochemical, chemical and electrical industries, products from ferrous and non-ferrous metals, food products, equipment and textiles. Readiness was expressed for joint work to increase the volume of mutual trade.

No less impressive results are demonstrated by partnership in the transport and logistics sector: it is expected that by the end of this year, the growth in the volume of cargo transportation between Uzbekistan and Azerbaijan will grow by 40 percent. In this context, ways of interaction were considered to expand logistics routes linking the two states and increase mutual and transit cargo transportation.

The parties also focused on establishing direct ties between the regions of the two countries. The prospects of signing an intergovernmental Agreement on interregional cooperation were noted.

Following the talks, the parties expressed their commitment to further cooperation in order to promote the agreements reached and develop new areas of bilateral partnership.