BAKU, Azerbaijan, September 15. The trade
potential between Azerbaijan and Uzbekistan already exceeds the $1
billion target set by the two countries, but unlocking this
potential requires closer business cooperation and addressing
information gaps, Miroshid Aslanov, head of Uzbekistan’s Center for
Progressive Reforms (CPR), said, Trend's correspondent reports from the event.
He made the remarks at the presentation of the
Azerbaijan-Uzbekistan Business Barometer initiative.
Aslanov noted that a joint analysis by CPR and the CASPIA think
tank had identified significant opportunities to further increase
bilateral trade.
According to him, CPR and CASPIA are developing the
Azerbaijan-Uzbekistan Business Barometer specifically to identify
and realize these opportunities. He noted that trade between
Azerbaijan and Uzbekistan has increased significantly over the past
decade. "Just 10 years ago, trade turnover did not exceed $10–15
million," he said.
Furthermore, Aslanov stated that, the current figure has reached
about $800 million, including around $300 million in regular trade
and $508 million in trade in precious metals.
At the same time, the potential for bilateral trade is
significantly higher than current volumes. According to the
analysis presented, Uzbekistan could potentially increase its
exports to Azerbaijan by around $500 million, while Azerbaijan
could additionally export more than $650 million worth of goods to
Uzbekistan. "Overall, trade turnover can easily exceed $1 billion,"
Aslanov said.
According to him, one of the main challenges remains a lack of
information among businesses about opportunities in the markets of
the two countries.
The new initiative is expected to create an ecosystem that will
enable importers and exporters to obtain information on potential
products, partners, markets and trade conditions.
Aslanov stressed that particular attention should be paid to
small and medium-sized businesses, as large companies are already
actively involved in bilateral economic relations.
