Uzbekistan expects to increase the volume of trade turnover with Azerbaijan to $1 billion in the next 1-2 years, the Investment, Industry and Trade Minister of Uzbekistan Laziz Kudratov said in Guba, Azerbaijan, Report informs.

“We have created a joint trading company with Azerbaijan in the field of petrochemical products and hydrocarbons. Now we want to increase the export of polymer products from Azerbaijan. Besides, a package of joint projects is now actively developing. They will also have an effect in terms of increasing trade turnover,” he said.

The minister added that these projects cover the textile industry, silk, agriculture, production of household appliances, and building materials.

“Thus, these projects will also increase trade turnover. Accordingly, we expect and are confident that in the next two years, this level [$1 billion per year] will be reached” said the minister.

He also highly appreciated the work of the II Azerbaijan-Uzbekistan Interregional Business Forum, calling it “very productive.”

“Specific plans for the implementation of projects from both the regions of Uzbekistan and the regions of Azerbaijan are presented. This platform will allow our entrepreneurs to establish new contacts and increase trade and investment. And the governments of the two countries will provide the necessary support,” Laziz Kudratov emphasized.