BAKU, Azerbaijan, September 26. Cargo volumes
transported between Uzbekistan and Europe via Azerbaijan have
nearly doubled over the past two to three years, with growth
reaching about 30% this year, Uzbekistan’s Investment, Industry and
Trade Minister Laziz Kudratov said on Sept. 25 at the second
Azerbaijan International Investment Forum in Baku.


This was reflected in the statement by the Ministry of
Investment, Industry and Trade of Uzbekistan, following a panel
discussion titled “The Future of Global Growth: Investment and
Transport Connectivity”.


During the panel discussion Kudratov highlighted transport
connectivity, industrial cooperation, mutual investment, green
energy, capital markets, the digital economy and human capital as
key areas for expanding economic ties.


Particular attention was given to the Trans-Caspian
International Transport Route, also known as the Middle Corridor,
amid changes in international logistics routes that have increased
the importance of alternative transport links for Uzbek exporters
seeking access to European markets.


“Over the past two to three years, the volume of cargo
transported through Azerbaijan has doubled, while growth this year
is approaching 30%,” Kudratov said, according to Uzbekistan’s
Ministry of Investments, Industry and Trade.


Uzbekistan and Azerbaijan are working to increase cargo
transportation across the Caspian Sea and develop new transport
connections, he said.


More than 3,000 participants from governments, international
financial institutions, investment companies and business
communities registered for the investment forum, which is being
held under the patronage of Azerbaijani President Ilham Aliyev.


Kudratov also highlighted industrial cooperation and mutual
investment as priorities. Uzbek companies are participating in
projects in Azerbaijan’s textile and automotive industries, while
Azerbaijani investment in Uzbekistan is being directed toward
mining, energy, food production and other sectors.


The two countries are also exploring opportunities for joint
projects in renewable energy. The sides discussed Central Asia’s
solar and wind potential and efforts to develop projects aimed at
supplying clean electricity from the region to European
markets.


Kudratov also presented Uzbekistan’s investment opportunities,
including measures to develop the capital market and plans related
to listing shares of the National Investment Fund on the London and
Tashkent stock exchanges.


Digitalization and human capital were also identified as
investment priorities. Uzbekistan aims to increase IT services exports to $5 billion by 2030, according
to the minister.


In an interview with Trend on the sidelines of the forum, Kudratov said the
development of joint manufacturing could help increase bilateral
trade turnover between Uzbekistan and Azerbaijan to $2 billion in the coming years.


New areas under consideration include pharmaceuticals,
construction materials, agriculture and food processing. The sides
are also working on establishing a joint venture for cargo
transportation across the Caspian Sea.


In addition, Uzbekistan and Azerbaijan are discussing terms for
mutual investment in oil refining and the development of a network
of SOCAR fuel stations in Uzbekistan.