Azerbaijan’s CASPIA Analytical Center and Uzbekistan’s Center for Progressive Reforms (CPR) have presented a new joint initiative, the Azerbaijan-Uzbekistan Business Barometer, in Baku. The platform is designed as a monthly practical bulletin that will monitor the real needs of businesses in both countries, identify existing barriers and highlight new opportunities for expanding bilateral economic cooperation. The presentation was attended by CPR Director Mirshohid Aslanov, who is visiting Azerbaijan as part of efforts to strengthen expert and applied cooperation between the two countries.
During the meeting, experts stressed that the "Business Barometer" is intended to become a practical mechanism for regularly assessing business sentiment and identifying areas where bilateral economic cooperation can be expanded. CASPIA Analytical Center head Orkhan Yolchuyov said that official statistics largely focus on trade turnover, figures and agreements, while the new initiative aims to examine the business environment in greater depth. "Official statistics tell us more about trade turnover, figures and agreements, but we decided to go further and study the sentiment of businesses," Yolchuyov noted.
According to him, the initiative will examine the level of integration of small and medium-sized enterprises, noting that large businesses are already actively represented in economic relations between Azerbaijan and Uzbekistan. Yolchuyov also highlighted energy cooperation, the potential of the Middle Corridor toward the South Caucasus, as well as the development of an energy corridor, including a green energy corridor in which Azerbaijan is actively involved. The expert added that the initiative would also focus on investment and trade opportunities.
"Uzbek business is represented in Azerbaijan and is quite popular today. Uzbekistan has strong industrial potential, and we already have joint ventures. Considering the potential of Uzbekistan and Azerbaijan as a major transit hub, I believe that in the near future we can bring our joint production to premium markets," Yolchuyov stressed.
CPR Director Mirshohid Aslanov, in turn, noted that the leaders of Azerbaijan and Uzbekistan have set an important target of increasing bilateral trade turnover to $1 billion [note: at the current stage, bilateral trade has already exceeded $800 million]. Aslanov stressed that the growth achieved over the past decade demonstrates the significant potential for further expansion. "Just 10 years ago, our trade turnover did not exceed around $10-15 million.
We can therefore see that a very significant breakthrough has been achieved in a relatively short period," Aslanov pointed out. According to him, a study conducted by CPR jointly with CASPIA, based on data from ITC Trade Map, identified substantial potential for expanding mutual supplies across more than 43 product categories. The unrealized export potential of Azerbaijani products on the Uzbek market is estimated at approximately $650 million across 22 key product categories.
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