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Switzerland to invest over $87 mln in non-oil sector of Azerbaijan

Business Materials 12 April 2013 19:39 (UTC +04:00)
Swiss companies have invested $ 87.7 million in the non-oil sector of Azerbaijan,
Switzerland to invest over $87 mln in non-oil sector of Azerbaijan

Azerbaijan, Baku, April 12 / Trend A. Akhundov /

Swiss companies have invested $ 87.7 million in the non-oil sector of Azerbaijan, the Minister of Economic Development of Azerbaijan Shahin Mustafayev said during the meeting with the Minister of Economy of Switzerland Johann Schneider-Ammann in Baku on Friday, the Ministry of Economic Development stated.

According to the statement, entrepreneurs working in various areas of the Swiss economy also took part in the meeting.

"By date, the two countries have signed over 20 documents. More than 70 companies with Swiss capital are registered in Azerbaijan. Swiss companies invested 87.7 million dollars in the non-oil sector of Azerbaijan," Mustafayev said.

According to the minister, Azerbaijani companies are also interested in the Swiss economy. Thus, the SOCAR (State Oil Company of Azerbaijan) has invested 380 million Swiss francs ($322.3 million), and a representative office of the company functions in Switzerland.

One of the main areas of cooperation between the two countries is the development of bilateral trade relations. According to the minister, in January-February 2013 the trade turnover between the countries was 2.9 times more than in the same period last year.

"Azerbaijan actively cooperates with Seco (State Secretariat for Economic Affairs of Switzerland). Including regional projects, Seco has realized 25 projects in Azerbaijan, of which 17 have already been completed. In 2012 Seco launched four new projects in the country," Mustafayev said.

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