On June 11, 2025, a panel discussion titled “Azerbaijan – Uzbekistan: Vector of Economic Partnership” took place as part of the IV Tashkent International Investment Forum. The session focused on deepening and expanding economic cooperation between the two countries. One of the key speakers was Nazim Gadzhiev, General Director of the Azerbaijani-Uzbek Investment Company (AUIC).
According to Gadzhiev, the AUIC, which began operations in early 2024, has already demonstrated significant potential for bilateral investment. The company has reviewed over 100 projects, of which 15 are undergoing detailed evaluation. “Our Supervisory Board has already approved six projects worth over $80 million. These include four manufacturing projects, one in fintech, and a project to build the country’s largest international school in New Tashkent,” he noted.
Gadzhiev emphasized that AUIC is more than just a financial investor, stating:
“Typically, our contribution goes beyond capital investment—we also support the creation of effective corporate governance structures, as well as financial and operational oversight. We actively participate in the Supervisory Boards of companies, especially when strategic decisions are being made.”
This comprehensive approach ensures project transparency and long-term sustainability.
The company is particularly focused on developing projects in Azerbaijan in partnership with Uzbek counterparts. “We plan to launch these projects by the end of this year,” Gadzhiev stated.
Elnur Aliyev, the First Deputy Minister of Economy of Azerbaijan, also highlighted the remarkable growth in trade between Azerbaijan and Uzbekistan: in the last four months, trade volume has tripled compared to the same period last year. He stressed the importance of institutional mechanisms like the intergovernmental commission and a $500 million joint investment fund, which is already supporting 12 specific projects.
In parallel, AUIC is actively pursuing international cooperation, engaging with several chambers of commerce and business associations. It is seeking potential business partners from Germany, Italy, other European countries, Japan, and the Middle East to collaborate on joint projects in both Uzbekistan and Azerbaijan.
“Our goal is to efficiently invest the $500 million in capital to maximize benefits for both countries’ economies, and our team is doing everything possible to achieve that,” concluded Nazim Gadzhiev.
