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Azerbaijan determines priority areas of cooperation with Italy

Business Materials 23 February 2017 15:31 (UTC +04:00)
Azerbaijan is interested in cooperation with Italy in industry, agriculture, pharmaceutics, ICT and tourism, Niyazi Safarov, Azerbaijani deputy economy minister, told reporters on the sidelines of the Azerbaijan-Italy business forum in Baku Feb. 23.
Azerbaijan determines priority areas of cooperation with Italy

Baku, Azerbaijan, Feb. 23

By Azad Hasanli - Trend:

Azerbaijan is interested in cooperation with Italy in industry, agriculture, pharmaceutics, ICT and tourism, Niyazi Safarov, Azerbaijani deputy economy minister, told reporters on the sidelines of the Azerbaijan-Italy business forum in Baku Feb. 23.

The Azerbaijan-Italy business forum kicked off in Baku Feb. 23. The representatives of around 20 Italian companies attended the business-forum.

"Azerbaijan’s tourism potential is growing from year to year,” Safarov added. “Azerbaijan’s business sphere is very favorable for foreign investors. We offer great preferences and the investment encouraging mechanisms. Azerbaijan and Italy have great potential for cooperation, which was also confirmed by the Italian side."

He added that the expansion of trade and economic cooperation was the main topic of the event.

"We see great potential in the country’s non-oil sector and we want to bring it to the level of political and energy cooperation," Safarov said.

Italy is one of the main economic and trade partners of Azerbaijan. Italy’s investments in Azerbaijani economy amounted to about $500 million.

Azerbaijan and Italy have recently intensified cooperation. Baku Steel Company and Italy’s Danieli signed an agreement on the construction of a metallurgical complex in Azerbaijani city of Sumgayit in late 2016. Investments in the complex will exceed $1.2 billion.

According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and Italy amounted to nearly $1.9 billion in 2016, around 84 percent of which accounted for export of Azerbaijani goods to Italy.

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