Tashkent, June 11, 2025 – The Europe Today: Prime Minister of the Republic of Azerbaijan, Ali Asadov, took part in the fourth Tashkent International Investment Forum (TIIF) during his official visit to Uzbekistan, underscoring Azerbaijan’s commitment to expanding economic cooperation and fostering regional development.
The forum commenced with a keynote address by President of Uzbekistan Shavkat Mirziyoyev, who outlined Uzbekistan’s economic progress and its vast potential for foreign investment.
In his remarks, Prime Minister Asadov shared comprehensive insights into Azerbaijan’s macroeconomic indicators and investment climate. He stated that the Azerbaijani economy grew by 4.1 percent in 2024, with the non-oil and gas sector experiencing a more robust expansion of 6.2 percent. He further noted that Azerbaijan’s external public debt remains below 7 percent of GDP, while its financial reserves exceed foreign debt by a factor of 14.
Highlighting government efforts to attract international investors, Asadov outlined reforms aimed at reducing the tax burden, streamlining administrative procedures, enhancing legislative transparency, safeguarding investor rights, and guaranteeing property protection.
He also provided an overview of Azerbaijan’s industrial infrastructure, noting the operation of seven specialized industrial parks and the strategic advantages offered by the Alat Free Economic Zone for foreign investors. According to him, Azerbaijan’s favorable investment environment has attracted over $338 billion in investments over the past two decades, with nearly half comprising foreign direct investment.
Prime Minister Asadov emphasized Azerbaijan’s focus on post-conflict reconstruction in its liberated territories, presenting these regions as new frontiers for investment and sustainable development. In this context, he expressed gratitude to Uzbekistan and Kazakhstan for their contributions to the reconstruction efforts, including the establishment of secondary school No. 1 named after Mirzo Ulugbek and the Kurmangazy Children’s Creativity Center in the city of Fuzuli.
He also highlighted the successful operations of the Azerbaijan-Uzbekistan Investment Fund, with an authorized capital of $500 million, which is currently evaluating numerous promising projects across various sectors.
Turning to energy cooperation, Asadov stressed the importance of the renewable energy sector, detailing Azerbaijan’s extensive green energy agenda. He noted that the country is actively collaborating with international companies to implement major projects and is positioning itself as a green energy supplier to Europe.
In particular, the Prime Minister referenced an ambitious project underway to establish a green energy corridor to Europe via the Black Sea, in partnership with Georgia, Romania, and Hungary. He added that a trilateral agreement signed by the heads of state of Azerbaijan, Uzbekistan, and Kazakhstan during preparations for COP29 will further bolster the export of green energy through the Caspian Sea–Black Sea route.
In closing, Prime Minister Ali Asadov expressed confidence in the continued relevance and effectiveness of the Tashkent International Investment Forum as a vital platform for strengthening investment cooperation and advancing shared economic interests.
