BAKU, Azerbaijan, October 23. On October 21,
2026, a meeting with foreign investors was held as part of the
working visit of the President of the Republic of Uzbekistan,
Shavkat Mirziyoyev, to the Kashkadarya region. During the meeting,
issues related to expanding the region's industrial and
agricultural potential, attracting new investments, and
implementing modern technologies were discussed.
Touching upon the industrial development prospects of the
Kashkadarya region, President Shavkat Mirziyoyev noted that over
the past five years, 20 trillion soums have been allocated to the
region. 161 projects worth more than USD 6 billion have been
prepared. To this end, 69 projects were commissioned, while
construction began on another 92 facilities.
Shavkat Mirziyoyev emphasized the importance of deeper raw
material processing, the application of modern technologies, and
the development of value-adding production sectors. He declared
that 2027 will be a year of Kashkadarya’s development based on
modern industry and agrotechnologies.
The meeting also focused on the development of the
Azerbaijan–Uzbekistan strategic partnership and the expansion of
economic cooperation. Zakir Ibrahimov, Chairman of the Executive
Board of AzerGold CJSC, provided an overview of the activities of
“AzerGold Uzbekistan” Foreign Enterprise LLC, the first subsidiary
in the foreign country of AzerGold CJSC, and the prospects for
developing the Akba gold deposit Kashkadarya region of
Uzbekistan.
It was reported that an investment of USD 7.8 million is
envisaged for the initial stage of the project to carry out
preparatory and additional geological exploration work. In the
subsequent stages of preparing the deposit for operation, the
investment volume is projected to reach a minimum of USD 100
million.
According to preliminary estimates, the project has the
potential to create up to 200 new jobs. The final investment
decision (FID) on the project is scheduled to be taken in 2028. It
was noted that preliminary assessments regarding investment volume,
production indicators, and employment opportunities will be refined
based on the results of additional geological exploration,
evaluation of mineral resources, conducting metallurgical tests, as
well as examining potential extraction and processing
technologies.
The Akba project holds significance in terms of expanding
cooperation between Azerbaijan and Uzbekistan in the mining sector,
efficiently utilizing mineral resources, and increasing mutual
investment opportunities. The implementation of the project will
also enable AzerGold CJSC to expand its international operations
and apply its professional expertise in foreign markets.
It should be noted that, on July 17, 2026, a document defining
the main terms of three-party cooperation between AzerGold CJSC,
Uzbekgeologorazvedka Joint Stock Company, and the
Azerbaijan-Uzbekistan Investment Company was signed on. As part of
its planned activities in Uzbekistan, AzerGold CJSC intends to
conduct joint geological exploration of the country’s prospective
mineral resources. Work is currently underway to establish a joint
venture to carry out geological exploration in areas between the
cities of Navoi and Nurata. At the same time, the parties will
consider opportunities for the joint geological exploration and
development of other prospective mineral deposits of mutual
interest located in Azerbaijan and Uzbekistan.
