Kyrgyzstan is seeking to expand economic ties with Azerbaijan and increase bilateral trade to at least $200 million, as the two countries prepare to hold a joint business forum in the coming weeks.

Kyrgyz Ambassador to Azerbaijan Maksat Mamytkanov announced the plans, APA reports.

The diplomat said that preparations are underway for the Azerbaijan-Kyrgyzstan Business Forum, which is expected to take place in late November or early December.

“We want to organize an Azerbaijan-Kyrgyzstan Business Forum and establish a similar platform in Kyrgyzstan. Our goal is to introduce Azerbaijani businesses to Kyrgyzstan’s economy, strengthen ties between entrepreneurs from our countries, as there is limited information in Azerbaijan about Kyrgyzstan’s economic potential and domestically produced goods,” Mamytkanov said.

Kyrgyzexport state export promotion agency is also involved in preparations for the initiative.

The two sides plan to meet with business representatives to identify obstacles to expanding bilateral trade and discuss ways to address them.

Mamytkanov recalled that during Azerbaijani President Ilham Aliyev’s state visit to Kyrgyzstan, the two countries set a target of increasing bilateral trade to at least $200 million.

“Achieving this goal will require considerable effort. According to available data, 74 business entities with Kyrgyz capital are currently registered in Azerbaijan. However, bilateral trade is not growing at the desired pace,” the ambassador said.

He added that the upcoming meetings with business representatives would help identify the factors limiting trade growth and find joint solutions to existing challenges.

The ambassador noted that additional events could be organized in the future based on the needs of entrepreneurs from both countries.

He stressed that identifying the specific support businesses require should be a priority in developing bilateral economic cooperation.

The planned business forum is expected to provide a platform for companies to explore investment opportunities, establish commercial partnerships and promote products in each other's markets.

Strengthening business-to-business contacts is seen as an important step toward achieving the $200 million trade target set by the two countries.