Following the meeting with business leaders on August 23 in Tashkent, President Shavkat Mirziyoyev and Azerbaijani President Ilham Aliyev launched seven joint projects worth a total of $520 million in the two countries.

These include the construction of a $200 million five-star hotel and premium residence under the Ritz-Carlton brand in Tashkent and to be implemented by the Azerbaijani Pasha Holding.

In addition, construction has begun on a gypsum and gypsum-cardboard products plant, Matanat A, in Kamashi district of Kashkadarya province. The production volume will be 350 tons per day. The project cost is estimated at $20 million.

Agalarov Development plans to build a $133 million residential complex and a hotel in downtown Tashkent.

In the Yevlakh region of Azerbaijan, with the participation of Global Textile, it is planned to build a textile cluster for 104 million dollars. The project envisages a full production cycle from the beginning of cotton cultivation to the release of finished products. President Shavkat Mirziyoyev said at a meeting with entrepreneurs that he instructed the head of the enterprise Muzaffar Razakov to make the project, where 2,000 jobs are planned to be created, “the most indicative cluster of Uzbekistan”.

Ilham Aliyev said that the cluster will produce 40 thousand tons of raw cotton, which corresponds to almost 15% of domestic production (300 thousand tons). In the future, it is planned to double the area of ​​the enterprise - from 5,000 to 11 thousand hectares. “Moreover, these are all irrigated lands, and with your technologies we will, I think, collect 4-5 tons per hectare, as if it were quite realistic. That is, we can reach a volume of 50 thousand tons. That is, this will be a serious increase,” he said.

Uzbek Business Tex will join a $6 million textile factory project in the city of Khankendi in Azerbaijan.

Another Uzbek firm TST Group will also build a $54 million textile cluster in the Imishli district of Azerbaijan. For this, the company will be provided ​​5,000 hectares, and will host cotton growing enterprises, cotton processing, spinning, weaving, clothing production and oil production.

Uzbekistan and Azerbaijan will also set up a friendship garden in the Fizuli district of Azerbaijan. The project cost is estimated at $3 million, each of the parties will invest 50% of the value.

At a meeting with business leaders from Uzbekistan and Azerbaijan, President Shavkat Mirziyoyev proposed raising the size of the joint investment fund, increase the number of flights, and build the Eternal City complexes in Baku and Tashkent. "Baku will have a piece of Uzbek land, and Tashkent will have a piece of Azerbaijani land," he said.