BAKU, Azerbaijan, September 15. A presentation for the "Azerbaijan-Uzbekistan business barometer" initiative, launched by the CASPIA Analytical Center in collaboration with the Uzbek Center for Progressive Reforms (CPR), has been held in Baku, Trend's correspondent reports from the event.
The platform will track monthly business needs, identify existing barriers, and pinpoint new opportunities to expand economic cooperation between Azerbaijan and Uzbekistan.
The head of the CPR, Mirshokhid Aslanov, participated in the presentation; he is currently visiting Azerbaijan to foster expert and practical cooperation between the two nations.
Speaking at the event Aslanov noted that 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.
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.
In turn, the Director and Co-founder of the CASPIA Analytical Center, Orkhan Yolchuyev said that Azerbaijan and Uzbekistan have significant potential to develop joint production and establish an industrial alliance.
According to him, one promising model of cooperation could be to combine the production capabilities of the two countries and manufacture joint products. Yolchuyev noted that the idea of creating a common industrial alliance had previously been discussed at the regional level.
He said that further development of economic ties requires moving from assessing trade volumes to evaluating the quality of interaction between companies. "We have reached the point where we need to examine how easy it is for businesses to find partners and launch joint projects," Yolchuyev said.
Yolchuyev stressed the need to identify mechanisms that would allow political agreements between the two countries to be translated into concrete investment projects.
According to the CASPIA head, these issues should be taken into account as part of the Azerbaijan-Uzbekistan Business Barometer, which is being developed jointly by CASPIA and Uzbekistan’s Center for Progressive Reforms.
Moreover, he noted that the platform will focus not only on analyzing trade indicators, but also on identifying practical opportunities for businesses, including finding partners and launching joint projects.
The business barometer will be updated monthly based on interviews with companies, surveys of business representatives, and the analysis of relevant data.
The primary focus will be on practical issues companies face when entering the Azerbaijani and Uzbek markets, including export-import procedures, customs clearance, tariff preferences, documentation and certification requirements, as well as technical and sanitary standards.
A specific area of monitoring will focus on the Middle Corridor and its role in expanding trade and economic ties between Azerbaijan and Uzbekistan. The initiative plans to analyze transport infrastructure, logistics capabilities, new routes, and the prospects for their utilization by the business community.
Based on the monthly monitoring results, CASPIA and CPR intend to develop concrete recommendations for business representatives and government institutions in both countries.
The initiative aims to establish a permanent mechanism for information exchange between the business communities of Azerbaijan and Uzbekistan, while fostering the development of new partnerships, investment projects, and trade and logistics opportunities.
