BAKU, Azerbaijan, October 14. An agreement on the creation of an Azerbaijani-Uzbek investment company has been approved, Trend reports.
The corresponding decree was signed by President of the Republic of Azerbaijan Ilham Aliyev.
The decree approved "Agreement between the Ministry of Economy of Azerbaijan and the Fund for Reconstruction and Development of Uzbekistan on the establishment of an Azerbaijani-Uzbek Investment Company as limited liability company in the Republic of Uzbekistan", which was signed in Azerbaijan's Shusha city on July 18, 2023.
The decree comes into force from the date of its signing.
Trade turnover between Azerbaijan and Uzbekistan amounted to $105.9 million from January through August 2023, of which $29.8 million accounted for Uzbek imports from Azerbaijan, and $76 million - exports to Azerbaijan from Uzbekistan.
Furthermore, the two countries plan to create a joint investment fund and increase trade turnover to $1 billion over the next few years.
As of today, five projects totaling $700 million, including the development of logistics and transportation infrastructure, are also being implemented between the countries.