BAKU, Azerbaijan, September 25. Uzbekistan expects to increase trade turnover with Azerbaijan to $2 billion over the next few years, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov told Trend in an interview on Friday on the sidelines of the 2nd Azerbaijan International Investment Forum in Baku.
The minister said the increase in trade between the two countries would be driven not only by the exchange of goods but also by joint investment projects.
“We are increasing our trade not only through the simple exchange of goods but also through joint investments. Uzbekistan is investing in Azerbaijan’s textile sector, and we have joint projects in automobile manufacturing. Through these projects, we can increase trade turnover,” Kudratov said.
According to him, investments by Azerbaijan in Uzbekistan are also contributing to the expansion of trade ties between the two countries.
“Azerbaijan is investing in mining, energy, food and real estate sectors in Uzbekistan. All of this will generate significant flows of cargo and products. We believe that we can easily increase our trade turnover to $2 billion over the next few years,” the minister emphasized.
Kudratov noted that the two countries are also discussing new areas of investment.
“We are currently looking at new areas such as pharmaceuticals, construction materials, agriculture and food processing. The prospects are quite positive,” he said.
The minister said cooperation in construction materials production is already being accompanied by specific projects.
“Projects involving Azerbaijani investment in the production of construction materials in Uzbekistan have already been completed recently. The second phase has also begun. We are currently discussing new projects in Azerbaijan with our Azerbaijani counterparts. These include construction materials, as well as development and construction projects in Azerbaijan,” Kudratov said.
The minister said cooperation between Azerbaijan and Uzbekistan in developing the Middle Corridor is also making an important contribution to expanding trade ties.
“We have already more than doubled the volume of cargo transportation via the Middle Corridor over the past few years. Positive dynamics are continuing this year as well. We are establishing a joint venture for cargo transportation across the Caspian Sea,” he said.
According to him, there is considerable potential to further increase cargo transportation along the Middle Corridor.
“We are quite optimistic and see numerous prospects and opportunities for further increasing and developing trade volumes via the Middle Corridor,” the minister added.
Kudratov also praised the organization of the second Azerbaijan International Investment Forum.
“This is a very well-organized event. There is a high-quality audience, with many companies, investors and ministers participating. It creates a platform not only to see Azerbaijan and discuss business opportunities with Azerbaijan, but also for the broader region,” the minister said.
He noted that the forum provides an important platform for government representatives from different countries and investors to meet and discuss mutually beneficial business opportunities.
“Many governments and countries can meet investors here and discuss mutually beneficial business opportunities,” Kudratov emphasized.
Asked whether separate talks were being held regarding the Shah Deniz gas-condensate field in Azerbaijan, Kudratov said the issue is not currently on the agenda.
“I do not have any information about this at the moment. I think this issue is not on the agenda for now,” the minister said.
He also provided information on plans by Azerbaijan’s State Oil Company (SOCAR) to establish a network of filling stations in Uzbekistan. According to the minister, opportunities are being considered to establish SOCAR stations in various regions of Uzbekistan.
“We have proposed all regions and identified possible locations in all provinces and in Tashkent. The locations of the first five stations have already been identified. They are in Tashkent, Tashkent region, Samarkand, Jizzakh and Namangan,” Kudratov said.
He noted that SOCAR representatives visited Uzbekistan recently and technically assessed additional locations.
“The SOCAR team was in Uzbekistan about a week ago. They also technically assessed additional locations. We are open; the market is large, and demand is very high. Therefore, we are ready to create all the necessary conditions for SOCAR to enter Uzbekistan’s retail fuel market,” the minister emphasized.
Kudratov said the filling stations would be established through both new construction and the modernization and rebranding of existing facilities under the SOCAR brand.
“Both options are envisaged here: construction from scratch, as well as the modernization and rebranding of existing filling stations. Work in this area is also at an active stage,” he added.
The minister also noted that cooperation between Azerbaijan and Uzbekistan in developing the Middle Corridor would make an important contribution to expanding trade ties between the two countries.
“We have already more than doubled cargo transportation via the Middle Corridor over the past few years. Positive dynamics are continuing this year as well. We are establishing a joint venture for cargo transportation across the Caspian Sea. We see significant prospects and opportunities to further increase and expand trade volumes along the Middle Corridor,” Kudratov said.
He also highlighted the importance of the second Azerbaijan International Investment Forum for regional cooperation.
“This is a very well-organized event. A high-level audience, a large number of companies, investors and ministers are participating. The forum creates a platform not only to see Azerbaijan and discuss business opportunities with Azerbaijan, but also for the broader region. Many governments and countries can meet investors here and discuss mutually beneficial business opportunities,” the Uzbek minister added.
