Latest news with #ECO
See - Sada Elbalad
14-07-2025
- Business
- See - Sada Elbalad
Obid Khakimov: Uzbekistan's Initiatives Energize Cooperation in Bilateral & Multilateral Formats
Dunyo IA From July 2 to 4, President of Uzbekistan Shavkat Mirziyoyev paid a state visit to Azerbaijan, during which the second meeting of the High-Level Intergovernmental Council was held. On July 4, the Uzbek leader also took part in the 17th Summit of the Economic Cooperation Organization (ECO), where he outlined priorities for the organization's development amid growing geopolitical instability. Uzbekistan and Azerbaijan are both members of ECO. Therefore, the alignment of the Uzbek President's state visit with participation in the ECO Summit allowed for a coordinated review of cooperation priorities, not only with strategic partner Azerbaijan but also with other ECO member states. In recent years, Uzbekistan and Azerbaijan have seen dynamic growth in trade, economic, and investment cooperation, highlighting the strategic nature of their bilateral relationship. Over the past eight years, trade turnover has seen impressive growth. Bilateral trade grew 7.8 times, reaching $253 million. Uzbek exports to Azerbaijan increased 7.5-fold to $208 million, while imports grew ninefold to $45 million in 2024. Investment cooperation has also intensified, with joint projects in industry, agriculture, energy, and pharmaceuticals. In 2017, investments from Azerbaijan to Uzbekistan totaled just $142,000, while in 2024 they reached $79.5 million. The Azerbaijan–Uzbekistan Investment Company, with authorized capital of $500 million, is operational. The number of enterprises in Uzbekistan with Azerbaijani capital rose from 178 in 2019 to 278 by April 2025. Conversely, in Azerbaijan, Uzbek capital has facilitated projects such as automobile assembly, and the creation of silkworm and textile clusters. In the city of Hajigabul, a production line by UzAuto Motors JSC and SamAvto JV LLC was launched at the Azermash CP plant. In agriculture, Azerbaijan is testing several Uzbek cotton varieties, while Uzbekistan plans to cultivate high-yield Azerbaijani hazelnut seedlings. A joint investment project in Azerbaijan's sericulture sector is also underway. This dynamic cooperation is further supported by a research model developed in 2023 under the initiative of the President of Uzbekistan to create a forum of think tanks for expanding trade among Turkic states. Joint research by the Center for Economic Research and Reforms (CERR) and Azerbaijani analytical institutions resulted in 33 concrete proposals for bilateral cooperation, approved by the Cabinet of Ministers of Uzbekistan and currently under implementation. Ahead of the state visit, the first Interparliamentary Forum was held in Khiva, and a Regional Forum convened in Baku. Recently, Andijan hosted the inaugural Rectors' Forum. Uzbekistan is also preparing to establish an 'Azerbaijan' Park and the 'Sea Breeze' tourism complex. During the visit, construction of the 'Uzbekistan' Park began in Baku, and a new building for the Uzbek Embassy was inaugurated. The Head of our state emphasized that the visit took place in the year marking the 30th anniversary of diplomatic relations. The sides agreed to take joint measures to increase bilateral trade and investment volumes to $1 billion in the coming years. A separate Program for Trade Promotion and Cooperation was adopted. The joint investment company's activities will be expanded, and new formats like the Business Council and the Forum of Industrial and Economic Zones will be launched. Special attention was given to strengthening transport connectivity. The Middle Corridor is rapidly developing, linking the two nations and offering access to strategic routes. E-permits have been introduced, and Uzbek freight traffic through the corridor has increased by 25%, with annual volumes now exceeding one million tons. Agreement was also reached to accelerate a joint project on electricity exports to Europe. While progress has been made, Uzbekistan and Azerbaijan's trade and investment potential remains underutilized. Joint production of goods currently imported from third countries presents strong opportunities. Further potential lies in combining efforts in areas of mutual advantage, such as viticulture, pomegranate cultivation, and agro-processing. Joint entry into third-country markets with agricultural products could strengthen competitiveness and open new niches. Agreements from the state visit will enhance cooperation in industry, agriculture, digital technology, and logistics. The 17th ECO Summit was held in Khankendi under the theme 'A New Vision for a Reliable and Climate-Resilient Future', concluding the ECO Week in the Karabakh region. At the 16th ECO Summit (Tashkent, 2023), President Shavkat Mirziyoyev proposed a strategic document – 'Economic Cooperation Goals 2035' – to address trade barriers, digitalize customs and sanitary procedures, and double mutual trade by 2035 through e-commerce. In 1996, Uzbekistan signed free trade agreements with Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan. Preferential trade agreements were signed with Pakistan, Turkey, and Iran in 2023, and with Afghanistan in 2024. Between 2017 and 2024, Uzbekistan's trade with ECO countries more than doubled from $5.3 billion to $12.2 billion. Exports grew 1.7 times (from $3.3 billion to $5.6 billion), and imports tripled (from $2 billion to $6.6 billion). However, the ECO's share in Uzbekistan's total foreign trade declined from 19.9% to 18.5%, with exports falling from 26.2% to 20.7%, and imports rising from 14.3% to 17%. In 2024, ECO countries invested $2.7 billion in Uzbekistan, a dramatic increase from just $9.6 million in 2017. Turkey accounted for $1.8 billion (68.6%), followed by Kazakhstan ($358.5 million), Iran ($161.5 million), Azerbaijan ($79.5 million), Afghanistan ($72.9 million), and Kyrgyzstan ($60.4 million). Uzbekistan hosts thousands of ECO joint ventures across textiles, food processing, electrical goods, pharmaceuticals, construction, logistics, and services. As of May 1, 2025, there were 5,275 active enterprises with ECO investment – 33% of all foreign-invested joint ventures. Turkish capital accounted for 1,964 (37.2%). At the Khankendi Summit, President of Uzbekistan praised the organization's achievements since the 2023 Tashkent Summit and noted the low volume of mutual trade – $95 billion in 2024, or 10% of the bloc's external trade. He called for trade facilitation, gradual elimination of non-tariff barriers, and development of e-commerce. He proposed hosting an ECO trade ministers' meeting in Tashkent and the creation of 'green corridors' for seamless agricultural trade. He urged the adoption of the 'Strategic Goals of Economic Partnership – 2035' concept, emphasizing cooperation in innovation, AI, and digital technology. A proposed 'EcoInvest' program would attract private investors and financial institutions to regional projects. He also advocated for creating a Digital Transport and Customs Agency and launching new regional air routes and joint tourism-aviation strategies. A forum of national airlines is proposed for Samarkand. On climate, he proposed a transboundary green program to create forests and recreational zones in desert areas. He also called for specific recommendations on reforming the organization before the next summit. Following the summit, ECO leaders agreed to strengthen cooperation in trade, connectivity, and green transformation – priorities Uzbekistan has consistently promoted. They reaffirmed commitments to the SDGs and deepening ties in tourism, energy, science, education, and culture. The 'Strategic Economic Goals – 2035' concept is advancing, incorporating ideas voiced at the Karabakh ECO Week. This initiative was proposed at the Tashkent ECO summit and has been consistently promoted by the President of Uzbekistan as a key factor in strengthening the economic interconnectedness of the ECO and forming regional value chains. In the current challenging conditions, when the international community is facing a severe crisis and most conflicts and contradictions are occurring in the ECO region, the President of Uzbekistan emphasized at the beginning of his speech at the summit that the foundation of peace and development is, above all, economic cooperation. Therefore, partnership within the ECO framework today holds significant strategic importance. read more Analysis- Turkey Has 0 Regional Allies... Why? Analysis: Russia, Turkey... Libya in Return For Syria? 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Business Standard
10-07-2025
- Sport
- Business Standard
ENG vs IND 3rd Test Session 2: Root, Pope refuse Bazball but keep ENG ahead
The famous Bazball cricket of England has so far been missing in the third Test against India at Lord's after two sessions, as the home side has scored only 153 runs for the loss of two wickets after 49 overs. However, despite not scoring runs at their usual pace, the English side has kept itself in a commanding position after a wicketless second session. In the second session, Indian pacers kept the pressure on the English side. India conceded just 33 runs in the first 15 overs of the session, which included an incredible 27-dot-ball spree. The pace quartet of India in the match — Bumrah, Siraj, Akash Deep and Nitish Reddy — kept bowling with line variations to keep England guessing. But despite being chained down, the English pair of Root and Pope refused to give up their wickets and stood silently defending everything India threw at them. Meanwhile, Root completed his 66th Test fifty and crossed 3,000 Test runs against India to keep his personal accolades rolling. By the end of the second session, they had added 70 runs without the loss of any wicket, as Joe Root (53 not out) and Ollie Pope (43 not out) will be the two English batters starting the third session as well. India also suffered a huge blow in the session after their vice-captain and wicketkeeper Rishabh Pant walked off the field due to injury, being replaced by Dhruv Jurel as substitute keeper. There is no official report on how severe Pant's injury is, or whether he will come out to bat, but the Indian management will hope it is just a minor niggle. Given the form Pant is in with the bat, it would be a big loss for the Indian batting order, which is looking to take the lead in the series by winning the match. Earlier, English skipper Ben Stokes won the toss for the third straight time in the series but, unlike in the first two Tests, opted to bat first at Lord's. England started well in the first hour, with Zak Crawley and Ben Duckett denying the frontline Indian pacers any chance of success while scoring at a steady pace. They added 43 runs for the first wicket before Nitish Reddy, who was brought into the attack right after the first drinks break of the day, removed Ben Duckett (18) and Zak Crawley (23) in the same over, as England lost both its openers in a span of just three balls. However, Joe Root and Ollie Pope then went on to add an unbeaten 39 runs for the third wicket to avoid any more damage for the hosts, taking England's total after the first session to 83 for 2. England 1st innings scorecard at tea on Day 1: England 1st Inning 153-2 (49 ov) CRR:3.12 Batter Dismissal R B 4s 6s SR Zak Crawley c R Pant b N K Reddy 18 43 4 0 41.86 Ben Duckett c R Pant b N K Reddy 23 40 3 0 57.5 Ollie Pope Not out 44 103 4 0 42.72 Joe Root Not out 54 109 7 0 49.54 Extras 14 (b 4, Ib 9, w 0, nb 1, p 0) Total 153 (2 wkts, 49 Ov) Bowler O M R W NB ECO Jasprit Bumrah 13 2 21 0 0 1.62 Akash Deep 12 2 55 0 1 4.58 Mohammed Siraj 11 5 25 0 0 2.27 Nitish Kumar Reddy 11 0 35 2 0 3.18 Ravindra Jadeja 1 0 2 0 0 2 Washington Sundar 1 0 2 0 0 2
Time of India
06-07-2025
- Politics
- Time of India
Iran's Bombshell Angers Putin; Russia-Iran Ties Hit After Pezeshkian's Non-Arab Muslim Bloc Meet
/ Jul 06, 2025, 03:59PM IST Russia is reportedly upset with Iran after President Masoud Pezeshkian visited Azerbaijan on July 4 to attend the Economic Cooperation Organization (ECO) summit. According to Israeli news outlet N12, citing unnamed sources, Russian officials expressed sharp disapproval over Pezeshkian's visit. Russia also told Iran that Azerbaijan had shown no support following the recent Israeli and US attacks. Watch this video to know more.
Express Tribune
05-07-2025
- Business
- Express Tribune
ECO agrees economic integration strategy
Deputy Prime Minister and Foreign Minister Ishaq Dar and Azerbaijani Economy Minister Mikayil Jabbarov sign the $2bn investment agreement in the presence of Prime Minister Shehbaz Sharif. Photo: Radio Pakistan A summit of seven west and central Asian leaders have agreed to liberalise trade, attract more foreign investment and build cooperation in green energy to strengthen regional economic integration. The Economic Cooperation Organization gathering also agreed to improve transport connectivity and restore post-conflict areas across the region as part of a long-term development strategy to 2035, the organisation announced. The summit, held under the theme "A New Vision for the ECO for a Sustainable and Climate-Resilient Future," was attended by Turkish President Tayyip Erdogan, Azerbaijani counterpart Ilham Aliyev, Uzbekistan's Shavkat Mirziyoyev, Iran's Masoud Pezeshkian, Kyrgyzstan's Sadyr Japarov, Tajikistan's Emomali Rahmon, and Prime Minister Shahbaz Sharif. The roadmap builds on ECO 2025, an earlier strategy emphasising regional integration, trade and transport. Azerbaijani presidential aide for foreign policy Hikmet Hajiyev told Reuters the ECO 2035 strategy expands its scope to include green energy cooperation, digitalization, and social inclusion. Hajiyev said Azerbaijan plans to establish a regional green energy centre and a combined transport-energy hub under the new framework, though investment figures have yet to be finalised. In an address, Aliyev highlighted Azerbaijan's emergence as a regional energy and investment hub, noting $350 billion had been invested in the country's economy in the past two decades. The meeting was held in the capital of the former breakaway Nagorno-Karabakh enclave. In 2023, Azerbaijan retook the whole of the enclave, where ethnic Armenians had enjoyed de facto independence for decades. Both Armenia and Azerbaijan have backed a peace treaty, but tensions between the two neighbours remain high.
Express Tribune
05-07-2025
- Politics
- Express Tribune
ECO leaders enjoy stroll in Khankendi
Prime Minister Shehbaz Sharif, President of Turkiye Recep Tayyip Erdogan and President of Azerbaijan Ilham Aliyev, following the Economic Cooperation Organization (ECO) Summit, in Khankendi, Azerbaijan strolled together and exchanged pleasantries. The president of Azerbaijan briefed the prime minister and the Turkish president about the history of Khankendi and its historical buildings the other day, PM Office Media Wing, on Saturday, said in a press release. The three leaders engaged in an informal and pleasant conversation. During the walk, the leaders held their hands as a gesture of exemplary fraternal relations and solidarity among Pakistan, Turkiye, and Azerbaijan. Later, President Ilham Aliyev personally drove the prime minister to Shusha for a luncheon.
