Azerbaijan-Uzbekistan Bilateral Trade Up 54%

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Shokhrukh Gulamov, the head of the Main Directorate for the CIS countries of the Ministry of Investments and Foreign Trade of Uzbekistan, has stated that in trade relations with Azerbaijan, in 2022 bilateral trade reached US$181 million, up 54 percent year-on-year. “And this year we are also seeing a growth trend in trade”

Gulamov pointed out that Azerbaijan and Uzbekistan maintain regular contacts at the highest level, and personal trusting relations between the heads of the two states give impetus to further expansion of cooperation in all areas, and of course, in investment cooperation.

“Last year, Azerbaijan and Uzbekistan launched a number of projects in the fields of oil and gas, petrochemistry, the textile industry, and sericulture. We had a number of visits by business delegations. In February, for example, the first Uzbek-Azerbaijani forum was held, following which we also signed a number of documents and agreements, which will further expand cooperation in the sphere of investments” he added.

Around 300 joint ventures with Azerbaijani capital currently operate in Uzbekistan, Gulamov said. “It is worth noting that this figure is increasing every year, and we have a growing level of mutual investments.”

The main products that Azerbaijan exports to Uzbekistan are Copper Ore, Refined Petroleum, and Raw Aluminium.  The main products that Uzbekistan exports to Azerbaijan are Copper Wire, Hand-Woven Rugs, and Light Rubberized Knitted Fabrics. While bilateral trade is relatively small there is room for growth as improved regional infrastructure via Kazakhstan and Turkmenistan is impacting on transported volumes.

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