Azerbaijan and Uzbekistan to establish joint venture for geological exploration

Azerbaijan and Uzbekistan have signed heads of terms for the establishment of a joint venture to conduct geological exploration, Azerbaijani Minister of Economy Mikayil Jabbarov said on X.

As part of his visit to Uzbekistan, Jabbarov participated in the 15th Meeting of the Azerbaijan-Uzbekistan Joint Intergovernmental Commission on Cooperation together with Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan.

"Guided by the priorities set by our Heads of State, we exchanged views on further deepening our economic partnership, developing new production and value chains between Central Asia and the South Caucasus, strengthening transport and logistics connectivity within the framework of the Middle Corridor, and expanding investment cooperation," Jabbarov wrote on X.

Following the meeting, a protocol was signed to further strengthen cooperation in priority areas, including economic and trade relations, energy, transport, agriculture, food security, healthcare, environmental protection, and other sectors.

"In addition, Heads of Terms were signed for the establishment of a trilateral joint venture involving AzerGold CJSC, Uzbekgeologorazvedka JSC, and the Azerbaijan-Uzbekistan Investment Company to carry out geological exploration activities," the minister concluded.