On June 11, Azerbaijan and Uzbekistan reaffirmed their robust economic partnership at the IV Tashkent International Investment Forum, announcing upcoming intergovernmental meetings, joint investment projects, and expanded cooperation in tourism, industry, trade, and infrastructure.

Elnur Aliyev, Azerbaijan’s First Deputy Minister of Economy, spoke during the panel session "Azerbaijan – Uzbekistan: Vector of Economic Partnership" at the forum, stating that the two nations would hold a meeting of the Intergovernmental Commission on Economic Cooperation (IPC) the following week. He highlighted ongoing joint projects in tourism, industry, small business, and trade infrastructure. Aliyev emphasized the IPC’s role in promoting bilateral economic cooperation and announced the establishment of a joint investment fund worth nearly $500 million, with 12 specific projects identified. He also noted plans to establish a trade mission in Uzbekistan—Azerbaijan’s sixth worldwide—to further strengthen ties.

Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), reported progress on the Sea Breeze Uzbekistan tourism complex near the Charvak reservoir, with 600 hectares of land allocated and a master plan presented to Uzbekistan’s President, Shavkat Mirziyoyev, in April. Abdullayev added that Agalarov Development had begun constructing a premium residential complex in Tashkent, alongside a $200 million five-star Ritz-Carlton hotel.

Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (KOBIA), highlighted expanded cooperation in small and medium entrepreneurship, focusing on business support and institutional partnerships. He noted that a business mission of approximately 40 Azerbaijani entrepreneurs visited Uzbekistan, achieving tangible progress, such as the opening of an aesthetic medical and dental technology store in Tashkent. Mammadov also praised the Uzbekistan Trade House in Baku, operational since December 2023, as a platform for promoting Uzbek goods and accessing regional and European markets.

Sharof Rakhmanov, Deputy Khokim (Governor) of Tashkent, stated that around 10,000 Azerbaijani tourists visit Tashkent annually, with a similar number of Uzbek tourists traveling to Azerbaijan. He reported approximately 200 Azerbaijani enterprises operating in Tashkent and a comparable number of Uzbek enterprises in Baku, with a bilateral trade turnover of about $150 million. Rakhmanov emphasized cooperation in the hotel sector, citing a $300 million hotel project in Tashkent by an Azerbaijani company, and announced agreements to build national centers in both capitals featuring parks, shopping, entertainment, and residential areas.

Yusif Abdullayev, Executive Director of AZPROMO, noted that a 2,000-hectare cotton cluster had been planted in Azerbaijan under a joint project, with plans to expand to 6,000 hectares and expectations for the first harvest this season. He added that a joint venture had already assembled 9,000 Chevrolet vehicles, strengthening the "Made in Azerbaijan" and "Made in Uzbekistan" brands.

Khurram Teshabaev, Uzbekistan’s Deputy Minister of Investment, Industry, and Trade, reported that bilateral trade turnover had doubled over the past five years and increased by 40% in the first four months of 2025 alone. He outlined a goal to raise this to $1 billion and announced plans for an e-commerce platform to support B2B and B2C contracts and boost Azerbaijani exports of vehicles, textiles, and equipment. Teshabaev highlighted that joint project investments now exceed $2.2 billion, with Uzbek businesses engaged in Azerbaijan’s cotton clusters and auto production, and revealed that a new package of projects would soon be presented for investor review.

Azerbaijan’s Prime Minister, Ali Asadov, met with Uzbekistan’s Prime Minister, Abdulla Aripov, in Tashkent, where they emphasized implementing the directives of their respective presidents, including projects in energy, transport, and industry. They underscored the significance of the 2024 Treaty on Allied Relations and discussed cooperation prospects in renewable energy, shipbuilding, education, and humanitarian fields. They also commended joint initiatives through the Organization of Turkic States, noting Uzbekistan’s construction of a school in Azerbaijan’s liberated Fizuli and the participation of both presidents in inaugurating a garment factory in Khankandi.