Azerbaijan Press release 23 October 2026 11:22 (UTC +04:00)
Photo: AzerGold
BAKU, Azerbaijan, October 23. On October 21, 2026, a meeting with foreign investors was held as part of the working visit of the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, to the Kashkadarya region. During the meeting, issues related to expanding the region's industrial and agricultural potential, attracting new investments, and implementing modern technologies were discussed.
Touching upon the industrial development prospects of the Kashkadarya region, President Shavkat Mirziyoyev noted that over the past five years, 20 trillion soums have been allocated to the region. 161 projects worth more than USD 6 billion have been prepared. To this end, 69 projects were commissioned, while construction began on another 92 facilities.
Shavkat Mirziyoyev emphasized the importance of deeper raw material processing, the application of modern technologies, and the development of value-adding production sectors. He declared that 2027 will be a year of Kashkadarya’s development based on modern industry and agrotechnologies.
The meeting also focused on the development of the Azerbaijan–Uzbekistan strategic partnership and the expansion of economic cooperation. Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, provided an overview of the activities of “AzerGold Uzbekistan” Foreign Enterprise LLC, the first subsidiary in the foreign country of AzerGold CJSC, and the prospects for developing the Akba gold deposit Kashkadarya region of Uzbekistan.
It was reported that an investment of USD 7.8 million is envisaged for the initial stage of the project to carry out preparatory and additional geological exploration work. In the subsequent stages of preparing the deposit for operation, the investment volume is projected to reach a minimum of USD 100 million.
According to preliminary estimates, the project has the potential to create up to 200 new jobs. The final investment decision (FID) on the project is scheduled to be taken in 2028. It was noted that preliminary assessments regarding investment volume, production indicators, and employment opportunities will be refined based on the results of additional geological exploration, evaluation of mineral resources, conducting metallurgical tests, as well as examining potential extraction and processing technologies.
The Akba project holds significance in terms of expanding cooperation between Azerbaijan and Uzbekistan in the mining sector, efficiently utilizing mineral resources, and increasing mutual investment opportunities. The implementation of the project will also enable AzerGold CJSC to expand its international operations and apply its professional expertise in foreign markets.
It should be noted that, on July 17, 2026, a document defining the main terms of three-party cooperation between AzerGold CJSC, Uzbekgeologorazvedka Joint Stock Company, and the Azerbaijan-Uzbekistan Investment Company was signed on. As part of its planned activities in Uzbekistan, AzerGold CJSC intends to conduct joint geological exploration of the country’s prospective mineral resources. Work is currently underway to establish a joint venture to carry out geological exploration in areas between the cities of Navoi and Nurata. At the same time, the parties will consider opportunities for the joint geological exploration and development of other prospective mineral deposits of mutual interest located in Azerbaijan and Uzbekistan.