Baku, Azerbaijan, May 21. Cooperation with Uzbekistan in the textile industry is planned in Azerbaijan's liberated territories, Minister of Economy of Azerbaijan Mikayil Jabbarov said during the II Azerbaijan-Uzbekistan Interregional Forum in Guba today, TurkicWorld reports.
"Regarding another priority area of our economic ties - investment cooperation, I want to highlight the Azerbaijan Uzbekistan Investment Company, established at the beginning of last year with a charter capital of $500 million," he emphasized.
The minister mentioned that the activities of the Azerbaijan Uzbekistan Investment Company are aimed at stimulating mutual investments, trade, and overall economic partnership, thereby contributing to the further strengthening of economic relations.
"Our partnership with Uzbekistan is multifaceted and covers various sectors of the economy," added Jabbarov.
He also pointed out that significant progress has been recorded between the countries in traditional areas such as cotton growing and sericulture, and work is underway in Azerbaijan's Imishli district to establish a joint cotton cluster.
To note, trade turnover between Azerbaijan and Uzbekistan from January through March 2024 totaled $142 million. The two countries' economies have enough potential for mutual trade indicators to reach $1 billion in the coming years.
