TASHKENT, Uzbekistan, August 22. The fourth Uzbekistan-Azerbaijan Regional Forum has concluded in Tashkent, Trend's special correspondent reports.
The forum was held at the InterContinental Tashkent hotel and focuses on expanding interregional cooperation between the two countries.
The plenary session featured addresses by Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov, Azerbaijan’s Minister of Economy Mikayil Jabbarov, representatives of the two countries’ investment and export agencies, as well as representatives of Uzbekistan’s and Azerbaijan’s regions.
The forum also featured a signing and exchange ceremony for bilateral documents. In addition, bilateral meetings were held in B2B and G2B formats.
Speaking at the event, Azerbaijan’s Minister of Economy Mikayil Jabbarov announced that Azerbaijan’s largest bank and the largest bank in the South Caucasus, ABB, is entering the Uzbek market through a partnership and the acquisition of a stake in Davr Bank.
According to Jabbarov, virtually all of Azerbaijan’s largest taxpayers are already represented in Uzbekistan. “Today, an agreement will be signed with Azerbaijan’s largest bank and the largest bank in the entire South Caucasus – ABB. This marks the bank’s entry into the Uzbek market through a partnership and the acquisition of a stake in Davr Bank,” Jabbarov said.
The minister expressed his gratitude to Uzbek President Shavkat Mirziyoyev, the regulator, the Central Bank and the Uzbek government for creating a favorable investment environment and supporting the implementation of the project. “Taking this opportunity, I would like to express my gratitude to Shavkat Miromonovich, the regulator, the Central Bank and the government for creating an overall favorable investment environment and, in particular, for supporting the implementation of this project,” Jabbarov said.
He also added that Azerbaijan’s state oil company SOCAR plans to enter Uzbekistan’s retail fuel market, followed by investments in the construction of a network of filling stations.
Jabbarov also highlighted the involvement of another major Azerbaijani state-owned company, AzerGold, in projects in Uzbekistan. “My colleague has already mentioned AzerGold, another major state-owned company that, in partnership with Uzbek companies, will carry out both geological exploration and mining operations,” the minister said.
In turn, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov said that Uzbek specialists are set to develop an intensive fruit orchard named “Friendship” in Azerbaijan’s Fuzuli district. “In Azerbaijan, Uzbek specialists are, in turn, beginning work on the development of the ‘Friendship’ intensive fruit orchard in Fuzuli district,” Kudratov said.
According to him, strengthening direct cooperation between the regions creates opportunities for joint projects in agribusiness and food production. Kudratov noted that Syrdarya region and Fuzuli, as well as Kashkadarya region and Beylagan, could focus on horticulture, deep processing of agricultural products and the production of finished food products.
He also noted that 7 investment projects with a combined value of nearly $500 million are currently under review by the Azerbaijan-Uzbekistan Investment Company. “I therefore call on all business representatives to engage more actively with the Azerbaijan-Uzbekistan Investment Company. Its head, Nazim Gajiyev, and his team are here today. They are ready to provide the necessary support,” Kudratov said.
