BAKU, Azerbaijan, September 26. Cargo volumes transported between Uzbekistan and Europe via Azerbaijan have nearly doubled over the past two to three years, with growth reaching about 30% this year, Uzbekistan’s Investment, Industry and Trade Minister Laziz Kudratov said on Sept. 25 at the second Azerbaijan International Investment Forum in Baku.
This was reflected in the statement by the Ministry of Investment, Industry and Trade of Uzbekistan, following a panel discussion titled “The Future of Global Growth: Investment and Transport Connectivity”.
During the panel discussion Kudratov highlighted transport connectivity, industrial cooperation, mutual investment, green energy, capital markets, the digital economy and human capital as key areas for expanding economic ties.
Particular attention was given to the Trans-Caspian International Transport Route, also known as the Middle Corridor, amid changes in international logistics routes that have increased the importance of alternative transport links for Uzbek exporters seeking access to European markets.
“Over the past two to three years, the volume of cargo transported through Azerbaijan has doubled, while growth this year is approaching 30%,” Kudratov said, according to Uzbekistan’s Ministry of Investments, Industry and Trade.
Uzbekistan and Azerbaijan are working to increase cargo transportation across the Caspian Sea and develop new transport connections, he said.
More than 3,000 participants from governments, international financial institutions, investment companies and business communities registered for the investment forum, which is being held under the patronage of Azerbaijani President Ilham Aliyev.
Kudratov also highlighted industrial cooperation and mutual investment as priorities. Uzbek companies are participating in projects in Azerbaijan’s textile and automotive industries, while Azerbaijani investment in Uzbekistan is being directed toward mining, energy, food production and other sectors.
The two countries are also exploring opportunities for joint projects in renewable energy. The sides discussed Central Asia’s solar and wind potential and efforts to develop projects aimed at supplying clean electricity from the region to European markets.
Kudratov also presented Uzbekistan’s investment opportunities, including measures to develop the capital market and plans related to listing shares of the National Investment Fund on the London and Tashkent stock exchanges.
Digitalization and human capital were also identified as investment priorities. Uzbekistan aims to increase IT services exports to $5 billion by 2030, according to the minister.
In an interview with Trend on the sidelines of the forum, Kudratov said the development of joint manufacturing could help increase bilateral trade turnover between Uzbekistan and Azerbaijan to $2 billion in the coming years.
New areas under consideration include pharmaceuticals, construction materials, agriculture and food processing. The sides are also working on establishing a joint venture for cargo transportation across the Caspian Sea.
In addition, Uzbekistan and Azerbaijan are discussing terms for mutual investment in oil refining and the development of a network of SOCAR fuel stations in Uzbekistan.
