By Azernews

By Ayya Lmahamad

Azerbaijan and Uzbekistan have signed cooperation accords within the framework of the 11th session of the intergovernmental commission held in Tashkent on August 1, Azernews reports.

The memorandum was signed between Azerbaijan's Small and Medium Business Development Agency and Uzbekistan's Commissioner for the Protection of Rights and Legitimate Interests of Entrepreneurs. The document provides for cooperation, joint and coordinated actions of the two countries in the protection of the rights and legitimate interests of entrepreneurs.

At the same time, Azerbaijan's Agency for Development of Economic Zones signed memorandums with Uzbekipaksanoat Association, and with Uztekstilprom Association.

"Within the framework of the 11th session of the Azerbaijan-Uzbekistan Intergovernmental Commission, Memorandums were signed between the Small and Medium Business Development Agency (@smbgovaz) under the Ministry of Economy and the Commissioner for the Protection of Rights and Legitimate Interests of Entrepreneurs under the President of the Republic of #Uzbekistan, the Agency for Development of Economic Zones (@economiczones) and "Uzbekipaksanoat" Association and as well as between the Agency for Development of Economic Zones and "Uztekstilprom" Association," Azerbaijan's Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

On August 1, the 11th meeting of the Azerbaijani-Uzbek intergovernmental commission was held. During the meeting, Mikayil Jabbarov emphasized that there are vast opportunities for the strengthening of ties between the two countries in various fields.

"There are vast opportunities for the strengthening of ties in the fields of #industry, #energy, #investments, small and medium-sized #businesses, #trade, #transport-transit, and others. We held broad discussions in this regard during the 11th session of Azerbaijan-#Uzbekistan Joint Intergovernmental Commission. Our colleagues were informed about the potential of our #liberatedterritories, and invited to benefit from the favorable investment and business environment of our country," he wrote.

Investment fund

Uzbekistan's Deputy Prime Minister, Foreign Trade Minister Jamshid Khodjaev has said that the two countries intend to create an investment fund for the implementation of joint projects worth over $500 million.

"We agreed to adopt a joint roadmap within a week, aimed at establishing a fund as soon as possible," he said.

Mikayil Jabbarov also underlined that the 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.

Stressing that the energy sector is one of the promising areas of cooperation, Jabbarov recalled that in early July, Uzbekneftegaz and SOCAR signed a roadmap on cooperation in the joint development of oil fields in both countries, as well as projects for renewable energy and digitalization.