On the eve of state visit of the President of the Republic of Uzbekistan to Azerbaijan, a business forum is being held in Baku with participation of representatives of more than 250 leading companies of the two countries. Representatives of the Pharmaceutical Industry Development Agency also take part in the forum.

Energy, metallurgy, urban planning, pharmaceuticals, electrical engineering, agriculture and the food industry, as well as the oil and gas industry were named promising areas of cooperation at the forum. With the support of the Uzbek-Azerbaijani Investment Company, specific proposals were made to create joint ventures for the production of metal products, pharmaceutical products, household appliances and building materials.

In 2022, pharmaceutical products manufactured in Uzbekistan worth $2.5 million were exported to Azerbaijan, and in the first half of 2023 this figure increased by 128%. In 2024, the export volume is expected to reach $4 million.

A Memorandum of Understanding was signed with Pharmaceutical Industry Development Agency of the (Uzbekistan) and the Export and Investment Promotion Agency (Azerbaijan) to deepen cooperation in the implementation of investment projects in the pharmaceutical sector. The work on the development of the pharmaceutical industry in Uzbekistan was noted.

To this end, the Azerbaijan Export and Investment Promotion Agency - AZPROMO has made proposals to launch the production of insulin, antibiotics and high-tech medical equipment in Azerbaijan with involvement of entrepreneurs from two countries.

The Uzbek-Azerbaijani business forum serves to strengthen mutually beneficial cooperation between two countries. This initiative and results to strengthen the partnership will undoubtedly become an important factor in development of pharmaceutical industry between Uzbekistan and Azerbaijan.