Uzbekneftegaz and SOCAR sign agreement on joint work

On August 21, Uzbekistan and Azerbaijan held a business forum in Baku. 

The delegation of Uzbekistan was headed by the Minister of Investment, Industry and Trade, Laziz Kudratov and the delegation of Azerbaijan – by the Minister of Economy, Mikayil Jabbarov. The meeting was attended by more than 250 representatives of the business circles of both countries.

The ministers noted the steady growth of trade between Uzbekistan and Azerbaijan. Trade turnover for 2022 increased six-fold, and in the first half of this year, it rose by another 40%.

It is planned to increase the volume of bilateral trade to $1 billion in the coming years. The main items of supplies will include pharmaceutical and petrochemical products, plastics and polymers.

The prospects for mutual industrial cooperation were also emphasized. The number of joint ventures in Uzbekistan has exceeded 200, an increase of almost three times over the past 6 years.

Azerbaijan is working on joint projects in the automotive industry, cotton-textile and sericulture clusters. Uzbekistan, in turn, will become a platform for bilateral projects for the production of building materials and jewelry.

Among the new areas with high potential for cooperation are energy, oil and gas, electrical engineering, agrarian and food sectors. 

The parties put forward initiatives to create industries in metallurgy, pharmaceuticals, the production of household appliances and building materials.

One of the main documents signed at the forum was an agreement between Uzbekneftegaz and SOCAR. The Azerbaijani oil and gas company intends to take part in projects in Uzbekistan.