Thursday, 29, September, 2022

Uzbekistan and Azerbaijan are to set up a $500 million investment fund for joint projects. This was discussed on August 1 at a meeting of the joint intergovernmental commission.

“We agreed within a week to adopt a joint roadmap aimed at the swift creation of the fund,” said the co-chairman of the commission, Deputy Prime Minister of Uzbekistan, Minister of Investment and Foreign Trade Jamshid Khodjaev.

He recalled that in June, during the visit of Azerbaijani President Ilham Aliyev to Uzbekistan, the parties signed a solid package of documents worth over $500 million in the oil and gas, chemical and textile industries, as well as the agricultural sector.

“Now it is necessary to ensure their timely and high-quality implementation,” said Jamshid Khodjaev.

Co-chairman of the IGC, Minister of Economy of Azerbaijan Mikayil Jabbarov also believes that investment cooperation between the two countries should be intensified.

“In this aspect, the creation and operation of a joint investment fund can be a good tool that can and should help investors from both countries,” he said.

The Azerbaijan’s Minister of Economy singled out the energy sector among the promising areas of cooperation. He recalled that in early July, Uzbekneftegaz and the Azerbaijani oil company SOCAR signed a roadmap for cooperation in the joint development of oil fields in both countries, as well as renewable energy and digitalization projects.

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