President Ilham Aliyev has said that the Joint Investment Fund is operating efficiently, President Ilham Aliyev said at the third meeting of the Supreme Interstate Council of the Republic of Azerbaijan and the Republic of Uzbekistan, APA reports.
“You spoke in detail about the priority areas. For my part, I would like to add one of the issues we discussed – the potential of our Joint Investment Fund. I have been informed that investment areas have already been identified for approximately $160 million of the $500 million. Naturally, I think we will use these funds soon and identify new areas of cooperation. I should also note that Azerbaijan has similar formats of cooperation with various countries, but I would say that the Uzbekistan-Azerbaijan Fund is the most efficient and results-oriented one.
“However, the volume of investment in the projects we have envisaged and for which contracts have already been signed significantly exceeds the size of the Fund. It was noted in this presentation that $5 billion is planned to be invested in Uzbekistan’s tourism sector alone. In addition, projects involving hotel and residential complexes being developed in Tashkent are outside the framework of this investment fund. Therefore, if we look at the overall investment portfolio, we will see that it is larger than the $500 million we have designated,” the head of state said.
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