BAKU, Azerbaijan, August 8. There are 204 companies with Azerbaijani capital functioning in Uzbekistan, Deputy Director of the Center for Economic Research and Reforms under the Administration of the President of Uzbekistan Mukhsinjon Kholmukhamedov said, Trend reports.
He made the remark during the round table on the "Uzbekistan and Azerbaijan: new horizons of cooperation" topic in Baku.
According to him, Azerbaijan invested $12 million in economy of Uzbekistan in 2022.
"The main areas of activity of Azerbaijani companies in Uzbekistan are mechanical engineering and metalworking, light industry, food production, residential construction, services and others," he said.
According to Kholmukhamedov, the Azerbaijani market is of particular interest to Uzbekistan.
"We can expand cooperation in such areas as agriculture, in particular within the framework of the EKTIS (an electronic information system) project, the development of joint projects in the chemical and oil refining industries, the center for agricultural economics, as well as with other large companies for the production of building materials," he said.
The total trade turnover between Azerbaijan and Uzbekistan amounted to over $80 million from January through June 2023.
Moreover, the trade turnover between two countries increased by 1.5 times in 2022. The economies of both countries have sufficient potential to increase mutual trade indicators to $1 billion in the coming years.