In order to implement the agreements reached during the visit of the President of the Republic of Azerbaijan to the Republic of Uzbekistan on June 21-22, 2022, introductory meetings of the working group of the Ministry of Innovative Development of the Republic of Uzbekistan with the Science Development Fund under the President of the Republic of Azerbaijan were organized in Baku (October 15, 2022 reorganized to the Azerbaijan Science Foundation) in August this year. During the meeting, the prospects for effective cooperation between the two state funds were discussed.

Following the results of the negotiations held during this period, today, on December 14, the delegation of the Ministry of Innovative Development of the Republic of Uzbekistan met again with the Science Foundation of Azerbaijan and signed a memorandum of cooperation. The memorandum signed between Bunyodjon Okhunov, Executive Director of the Fund for Financing Science and Innovation Support, and Mehribon Imanova, Director of the SScience Foundation of Azerbaijan, takes cooperation to a new practical stage.

According to the terms of the memorandum, the participants will cooperate in the field of financing joint projects, strengthening relations between funds, as well as organizing experience exchange programs in order to develop mechanisms for financing various types of projects. In addition, the organization of venture financing and the mechanism for the return of funds from funded projects will be considered.

Also, within the framework of cooperation, the two foundations will hold joint forums, seminars, conferences, round tables and briefings in the field of science and innovation, organize consultations for representatives of research institutions and other structures.