Tashkent, Uzbekistan (UzDaily.com) — The Institute for Strategic and Interregional Studies under the President of the Republic of Uzbekistan, in collaboration with the Center for Analysis of International Relations of the Republic of Azerbaijan, held an international conference in Tashkent on "Uzbekistan-Azerbaijan: New Prospects for Mutually Beneficial Cooperation."

The event was attended by representatives from research institutes and analytical centers of both countries, focusing on international relations and economics.

In his speech at the conference, the Director of the Institute for Macroeconomic and Regional Studies under the Cabinet of Ministers of the Republic of Uzbekistan (IMRI), Doctor of Economics Umid Abidkhanov, highlighted key areas of economic cooperation between Uzbekistan and Azerbaijan.

The IMRI Director noted that, considering the current level of trade and economic relations and the production capabilities of both countries, three important areas of cooperation for future development were identified: agriculture, tourism, and the banking sector.

Agriculture: Azerbaijan has significant capabilities in cotton processing, producing 270,000 tons of raw cotton annually. Uzbekistan also has extensive experience in this field. Therefore, creating joint cotton-textile clusters would promote the development of cotton farming in Azerbaijan and expand the raw material base for processing enterprises in Uzbekistan.

Additionally, agricultural development cannot be envisioned without land reform implementation. Studying Azerbaijan’s successful experiences in this area will contribute to the formation of a land market and the improvement of land regulation.

Tourism: At the Economic Cooperation Organization Forum held in Baku on 2-3 May 2024, discussions were held on further strengthening cooperation in tourism. To advance in this direction, it is advisable to combine efforts in implementing investment projects in tourism, training personnel for the hospitality industry, attracting tourists, organizing eco-farms, and exchanging knowledge and experience in the field of eco-tourism.

Banking Sector: In 2023, an agreement was signed at a forum in Tashkent to establish a joint investment fund for financing collaborative projects. Effective functioning of this fund requires an interregional banking structure. In this regard, opening a branch of an Azerbaijani bank in Uzbekistan could be a significant step towards deepening bilateral cooperation. Firstly, it would facilitate financial transactions for companies doing business in both countries; secondly, it would accelerate trade turnover; and thirdly, it would increase opportunities for attracting free capital.