See the question and my original answer on StackOverflow

tlbexp.exe is usually not in the path. What you can do is use this instead (without surrounding " " as you did):

call "$(DevEnvDir)..\Tools\VsDevCmd.bat"
tlbexp.exe $(TargetDir)$(TargetFileName)

This will execute the equivalent to the "Developer Command Prompt for Visual Studio" shell command which will set all paths appropriately, and then run tlbexp:

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