Baku: President Ilham Aliyev has stated that the Joint Investment Fund between Azerbaijan and Uzbekistan is functioning efficiently. He made this announcement during the third meeting of the Supreme Interstate Council of the Republic of Azerbaijan and the Republic of Uzbekistan, as reported by APA.
According to Azeri-Press News Agency, President Aliyev elaborated on the progress and future potential of the Joint Investment Fund. He noted that investment areas have already been identified for approximately $160 million out of the total $500 million allocated to the fund. He expressed optimism that these funds would soon be utilized to identify new cooperative projects. Aliyev highlighted that while Azerbaijan has similar cooperative frameworks with other countries, the Uzbekistan-Azerbaijan Fund stands out as particularly efficient and results-oriented.
President Aliyev further explained that the volume of investments planned for various projects exceeds the fund’s current size. He referenced a presentation indicating that $5 billion is earmarked for investment in Uzbekistan’s tourism sector alone. Additionally, he mentioned that projects involving hotel and residential complexes in Tashkent fall outside the fund’s framework. He emphasized that the overall investment portfolio is larger than the $500 million initially designated for the fund.