President of Uzbekistan Shavkat Mirziyoyev and President of Azerbaijan Ilham Aliyev have visited the Businesstex JV textile factory in Khankendi, according to Azerbaijan’s state news agency Azertac.
The joint Uzbek-Azerbaijani enterprise launched operations in autumn 2024, with both leaders attending the official opening. Initial investment in the project totalled $3.5 mln (6 mln manats). The Azerbaijan Entrepreneurship Development Fund also extended a loan of $2 mln (3.5 mln manats).
The factory produces a range of men’s and women’s clothing, with a daily output of 2,500 units. It sources raw materials from Uzbekistan, Azerbaijan and China.
Authorities have granted Businesstex JV VAT and customs duty exemptions totalling $376,400 (640,000 manats).
Plans are in place to expand production to 5 mln units, with part of the output aimed at export markets.
Kursiv Uzbekistan reports that Uzbekistan and Azerbaijan had agreed on a cooperation roadmap through to 2029.
