Azerbaijan Pursues Trade Expansion with Uzbekistan and North Macedonia

Azerbaijan utilized the 2nd Azerbaijan International Investment Forum in Baku to advance economic ties with multiple nations, most notably Uzbekistan and North Macedonia.

Laziz Kudratov, Uzbekistan's Minister of Investment, Industry and Trade, announced a target to increase trade turnover with Azerbaijan to $2 billion over the next few years. This growth is expected to stem from joint projects in automobile manufacturing and textiles, alongside Azerbaijani investments in Uzbekistan's real estate, food, energy, and mining sectors. The State Oil Company of Azerbaijan Republic (SOCAR) intends to enter the Uzbek retail fuel market by constructing and rebranding filling stations in Namangan, Jizzakh, Samarkand, and Tashkent. The two countries are also expanding the Middle Corridor, having already more than doubled cargo volumes and created a joint venture for Caspian Sea transport.

Simultaneously, Azerbaijan's Economy Minister Mikayil Jabbarov met with North Macedonia's Minister of Economy and Labour Besar Durmishi. The officials focused on intensifying direct links between their business communities to broaden bilateral cooperation in energy, investment, and trade.