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Baku, Azerbaijan, August 22. Uzbekistan and the State Oil Company of the Republic of Azerbaijan (SOCAR) have started geological exploration on the Ustyurt Plateau in Uzbekistan, Uzbek Minister of Investment, Industry and Trade Raziz Kudratov said at the Uzbekistan-Azerbaijan Business Forum in Tashkent. trend report.
The minister noted that energy and oil and gas cooperation between Azerbaijan and Uzbekistan is yielding positive results.
“We are working on a project to produce green energy for export to European countries through Azerbaijan. In cooperation with SOCAR, we have started exploration on the Ustyurt Plateau. I believe this marks the beginning of our broader strategic partnership in the energy sector,” he said.
The minister also mentioned Uzbekistan’s plans to process minerals in Azerbaijan.
“We intend to develop and process Azerbaijan’s mineral resources, including producing construction materials for Karabakh reconstruction. We also invite Azerbaijani companies to participate in the development of non-ferrous metal deposits, including copper,” he stressed.
In addition, Kudratov stressed that the creation of orchards, greenhouse complexes, dried fruit production, hazelnut cultivation and other projects have already begun.
The Uzbekistan-Azerbaijan Business Forum, which opened today in Tashkent, aims to strengthen economic ties between the two countries, enhance cooperation, attract investments and realize joint projects. The forum will serve as a platform for discussing ways to increase trade, share experiences and establish new business partnerships.
Currently, there are 236 Azerbaijani capital enterprises in Uzbekistan, including 62 joint ventures and 174 wholly foreign-owned enterprises. In addition, there are 70 Uzbek companies doing business in Azerbaijan.
In January-July 2024, trade between Azerbaijan and Uzbekistan exceeded $118.2 million.
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