Azerbaijan and Uzbekistan Expand Economic Partnership via Regional Forum

Azerbaijan and Uzbekistan are transitioning their bilateral relationship from traditional trade into a comprehensive economic partnership focused on industrial production, energy, and infrastructure. This shift follows a period of rapid growth, with trade turnover tripling in 2025 to $795 million and increasing another 33 percent in the first five months of 2026.

During the fourth Uzbekistan-Azerbaijan Regional Forum in Tashkent, Mikayil Jabbarov, Azerbaijan's Minister of Economy, announced that ABB, the largest bank in the South Caucasus, is entering the Uzbek market by acquiring a stake in Davr Bank. Other Azerbaijani state entities are also expanding; SOCAR plans to build a retail fuel network in Uzbekistan, and AzerGold will partner with Uzbek firms for mining and geological exploration.

In exchange, Uzbekistan's Minister of Investment, Industry and Trade, Laziz Kudratov, announced that Uzbek specialists will develop the Friendship intensive fruit orchard in Azerbaijan's Fuzuli district. The two nations have established the Azerbaijan-Uzbekistan Investment Company with $500 million in capital, which is currently reviewing seven projects of similar value.

Beyond agriculture and finance, the partnership includes the Turan Energy AFEZCO joint venture and the Green Energy Corridor Alliance with Kazakhstan to export renewable energy across the Caspian Sea. These initiatives leverage the Middle Corridor to link Uzbekistan's industrial capacity with Azerbaijan's access to Turkish and European markets.