Baku, Tashkent discuss increasing range of joint projects

Baku and Tashkent are aiming to expand the joint projects portfolio, News.az reports.

The issue was reviewed at the meeting between Uzbekistan's President Shavkat Mirziyoyev and Azerbaijan's Minister of Economy Mikayil Jabbarov, who is visiting Tashkent.

Both sides stressed the need to expand their project portfolios, including by attracting funding from a joint investment company.

The two countries are already working together on projects in sectors like automotive, energy, agriculture, electrical engineering, textiles, and tourism.

They also agreed to hold the next meeting of the Intergovernmental Commission and the second Forum of the Regions of both countries.

Today in Tashkent, a Memorandum of Cooperation was signed for the integration of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan. Mikayil Jabbarov stated that this agreement will help achieve joint goals in producing "green" energy and exporting it to Europe through Azerbaijan, as well as integrating energy systems and efficiently using renewable energy sources.

Trade turnover between Azerbaijan and Uzbekistan from January to March 2024 totaled $142 million. The two countries' economies have enough potential for mutual trade indicators to reach $1 billion in the coming years.