Uzbekistan and Azerbaijan signed a Treaty on Eternal Friendship on Sunday and set a target of raising bilateral trade to $1bn (€856mn) by 2030, as Presidents Shavkat Mirziyoyev and Ilham Aliyev deepened economic and transport ties during talks in Tashkent. The treaty marks one of the hallmarks of President's Aliyev's two-day state visit to Uzbekistan. Before the signing ceremony, the presidents held one-on-one talks and chaired the third meeting of the Supreme Interstate Council, a presidential-level body established in 2023 to coordinate long-term bilateral cooperation.
The two countries had already upgraded relations by signing a Treaty on Allied Relations in 2024. Speaking to the media after the talks, President Mirziyoyev described Azerbaijan as “our reliable ally, strategic partner and brotherly state”. In an interview with Uzbekistan's state news agency UzA before travelling to Tashkent, Aliyev said trade reached $795mn (€680mn) in 2025, more than three times the previous year's level.
Trade between January and May 2026 reached $144mn (€123mn), up 33% year-on-year. The two governments also established the Azerbaijan-Uzbekistan Investment Company in 2023, with $500mn (€428mn) in capital to finance projects in both countries. The leaders inaugurated or launched Azerbaijani-backed projects in Uzbekistan covering banking, construction, education, fuel retail, tourism, housing, mining and agriculture.
Some of the projects nclude a gypsum plant, two STEAM schools, five planned SOCAR filling stations and a facility to process silver-bearing ore. President Mirziyoyev described them as part of a broader investment portfolio covering energy, geology, chemicals, construction, finance and agriculture. Azerbaijan's state-owned ABB is also negotiating the acquisition of a 51% stake in Uzbekistan's Davr Bank.
According to S&P Global, the deal exceeds $100 million (€86 million) and remains subject to regulatory approvals. The proposed acquisition would give the Azerbaijani lender a direct presence in the Uzbek banking market. Meanwhile, President Aliyev also said bilateral oil and gas exploration projects were nearing their final stage, with drilling of production wells potentially starting next year if exploration results are positive.
The largest disclosed project is Sea Breeze Uzbekistan, a planned year-round tourism and residential development by Azerbaijan's Agalarov Development at the Charvak reservoir in the Bostanlyk district of Tashkent region. Uzbek government figures put planned investment in the 577-hectare project at $5bn (€4.28bn). A public environmental impact assessment hearing for the project was held in January.
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