New textile production facility to open in Khankendi, Minister announces

A new textile production enterprise is set to open in Khankendi soon, as announced by Azerbaijani Minister of Economy Mikayil Jabbarov during the Uzbek-Azerbaijani Business Forum in Tashkent, Azernews reports.

Minister Jabbarov revealed that the upcoming textile facility will be established by an Uzbek company in Khankendi. This investment marks a significant development in the region's industrial sector.

He also highlighted the rapid economic growth in both Azerbaijan and Uzbekistan, noting a substantial increase in interest from Azerbaijani entrepreneurs in Uzbekistan and vice versa.

"We are pleased to see growing mutual interest between business communities. As previously mentioned, we now have a joint emission instrument, which we expect will yield positive results over time," he added.

Currently, there are 236 Azerbaijani-owned enterprises in Uzbekistan, including 62 joint ventures. Additionally, 70 Uzbek companies operate in Azerbaijan.

For the period from January to July 2024, trade turnover between Azerbaijan and Uzbekistan has surpassed $118.2 million.