Czech Republic invests over $1 bln in Azerbaijan

Photo: Czech Republic invests over $1 bln in Azerbaijan / Economy news

Baku, Azerbaijan, April 25

By Emin Aliyev - Trend:

The Czech Republic invested more than one billion dollars in Azerbaijan's economy from 2002 to 2013, Azerbaijani Deputy Minister of Economy and Industry Niyazi Safarov said at the second session of the intergovernmental commission on economic, scientific-technical and cultural cooperation between Azerbaijan and the Czech Republic on April 25.

"Cooperation between our countries is being dynamically developed in all directions," he said. "We cooperate in agriculture, which is one of the priorities of Azerbaijan's economic development. Our countries successfully cooperate in the field of transport. The Azerbaijani side has already prepared the draft regulation on the working group. Moreover, a draft agreement on international vehicular transportation is being agreed."

"Azerbaijan and the Czech Republic have been cooperating successfully in the financial sector," he said.

"The central banks of the two countries established cooperation," he added. "Czech banks allocated Azerbaijan loans totaling over $ 1.6 billion. There are 13 Czech companies in Azerbaijan, representing the transport and other sectors of the economy."

"The mutual cooperation is not limited," he said. "It covers health care and other areas."

The trade turnover between Azerbaijan and the Czech Republic amounted to $305.03 million in 2013, most of which ($215.92 million) fell to the imports of Azerbaijani goods, according to the Azerbaijani State Customs Committee. The country imported goods worth $89.11 million from the Czech Republic in 2013. As of the first quarter of this year, the trade turnover between the two countries reached $86.58 million taking into account the exports worth $76.54 million from Azerbaijan to the Czech Republic and imports of Czech goods worth $10.04 million.

Translated by NH
Edited by CN

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