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Azerbaijan plans to invest $5 billion in Uzbekistan`s tourism sector

Azerbaijan plans to invest $5 billion in Uzbekistan's tourism sector, Azerbaijani President Ilham Aliyev said on Sunday at the 3rd meeting of the Supreme Interstate Council of Azerbaijan and Uzbekistan, Report's correspondent informs from Tashkent.

According to the head of state, the projects being developed in Tashkent, including hotel and residential complexes, go beyond the Azerbaijan-Uzbekistan Investment Fund, whose portfolio has been set at $500 million.

"Yet, the volume of investments for the projects we have envisioned and already contracted significantly exceeds the capacity of the fund. It was mentioned in this presentation that an investment of $5 billion is planned for Uzbekistan's tourism sector alone," President Ilham Aliyev said.

Recalling that the experience accumulated in Uzbekistan's automotive industry is now being transferred to Azerbaijan, the head of state noted that the first project has been implemented, but the focus is now on full-cycle production. Investments of more than $80 million are planned in Azerbaijan's Hajigabul, where a second plant is being built, which will essentially give a major boost to Azerbaijan's automotive industry.

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