Azerbaijan and Uzbekistan have signed an intergovernmental agreement on the establishment of a Joint Investment Fund for $500 million, News.az reports citing Uzbek media.

This agreement was signed within the framework of the first Uzbek-Azerbaijani inter-regional forum, being held in Tashkent.

The establishment of the fund will enable countries to strengthen trade and economic relations, increase foreign trade turnover, as well as enhance cooperation in the industrial sector.

At the intergovernmental agreement signing ceremony, Azerbaijan’s Economy Minister Mikayil Jabbarov noted that this investment fund is a landmark since Azerbaijan hasn’t established funds of such a scale before.

The minister announced Azerbaijan's plans to increase investments in the newly established fund.

The first Uzbek-Azerbaijani inter-regional forum is being held on February 23-24.

The forum has been organized with the support of the Azerbaijan Export and Investment Promotion Fund (AZPROMO), the Ministry of Investments, Industry and Trade of Uzbekistan, the Ministry of Economic Development and Poverty Reduction, as well as the Chamber of Commerce and Industry of Uzbekistan.

News.az