BAKU, Azerbaijan, August 20. Uzbekistan’s Jizzakh regional Chamber of Commerce and Industry and Iran’s Arak Chamber of Commerce, Industries, Mines and Agriculture have signed a memorandum of cooperation to expand trade, investment and business ties between the two regions.
This was reflected in the statement by the Chamber of Commerce and Industry of Uzbekistan.
The memorandum was signed in Jizzakh as part of efforts to strengthen direct contacts between businesses and create new opportunities for joint projects.
The agreement provides for expanding trade, economic and investment cooperation, establishing new business relationships and promoting joint initiatives between entrepreneurs from Jizzakh and Arak.
“The memorandum will create additional opportunities for direct business contacts, joint investment projects and the expansion of trade and economic cooperation between entrepreneurs from Jizzakh and Arak,” the Uzbekistan Chamber of Commerce and Industry said.
Under the agreement, the sides will organize mutual visits by business delegations and entrepreneurs to facilitate direct contacts and identify potential areas for cooperation.
The chambers also agreed to promote joint investment projects and encourage businesses from both regions to participate in international and specialized exhibitions, conferences and other business events held in Uzbekistan and Iran.
The agreement could provide a framework for companies to exchange information on investment opportunities, establish commercial partnerships and develop joint projects across sectors of mutual interest.
Strengthening cooperation between regional business organizations is also expected to help expand economic ties beyond national-level agreements by connecting companies directly and facilitating business-to-business interaction.
The memorandum comes as Uzbekistan and Iran seek to deepen trade and investment relations and increase the involvement of private-sector businesses in bilateral economic cooperation.
The new agreement between Jizzakh and Arak could also help identify additional opportunities for investment and trade while supporting the exchange of business experience and establishing longer-term commercial partnerships.
The sides are expected to continue cooperation through business delegation exchanges and joint participation in trade and investment events.
