The 12th session of the Intergovernmental Joint Commission was held in the Azerbaijani city of Shusha with the participation of the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov.
Representatives of ministries, agencies, industry associations, commercial banks, educational institutions, and diplomatic missions were present at the event.
The exchange between the two countries has increased by 1.5 times and 16 percent since the start of this year. For instance, exports of textile products to Azerbaijan have grown by 2.6 times, mechanical equipment – by 19.7 percent, and glass and glass products – by 76 percent. From this perspective, it was noted that the two countries’ economies have enough potential to bring the exchange rate to $1 billion.
The need for joint efforts to develop industrial collaboration was also accepted. It was noted that over the past five years, the number of joint ventures established in Uzbekistan with the involvement of Azerbaijani capital has increased fourfold. Within two years, 40 enterprises have been involved. More than 70 enterprises are successfully operating in Azerbaijan with the involvement of investments from Uzbekistan. Issues concerning the improvement of energy and transport cooperation and the development of interregional, cultural, and humanitarian ties were also discussed.
At the end of the event, the protocol of the 12th meeting of the Intergovernmental Commission on Cooperation between Uzbekistan and Azerbaijan and other documents formalizing the agreements reached were signed.