11:53 - 22.08.2023

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August 22, Fineko/abc.az. In recent years, the number of joint Azerbaijani-Uzbek enterprises has increased 4 times, as reported during the Azerbaijani-Uzbek business forum in Baku.

ABC.AZ reports that the business forum was attended by representatives of more than 250 companies from the two countries.

It was also noted that mutual trade increased 6 times by results of 2022 and by another 40% since the beginning of 2023.

"The heads of state set the task to bring this figure to $1 billion in the coming years by increasing mutual supplies of pharmaceutical and petrochemical products, plastic products, polymers and mining products," the business forum stressed.

Another promising area of cooperation is industrial cooperation.

“In recent years, the number of joint ventures has quadrupled. Today, more than 200 enterprises with Azerbaijani capital operate in Uzbekistan,” the business forum noted.

At present, the practical implementation of such important joint projects as the expansion of automobile 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.

At the same time, energy, metallurgy, urban planning, pharmaceuticals, electrical engineering, agriculture and the food industry, as well as the oil and gas industry have been identified as promising areas of cooperation. Concrete proposals were made at the forum regarding the organization of joint production of metal products, pharmaceutical products, household appliances and building materials.