Zangazur corridor to create new opportunities to expand co-op with EU - Azerbaijan's SMBDA

Economy Materials 22 February 2022 12:23 (UTC +04:00)
Zangazur corridor to create new opportunities to expand co-op with EU - Azerbaijan's SMBDA

BAKU, Azerbaijan, Feb. 22

By Sadraddin Aghjayev - Trend:

Opening of the Zangazur corridor will create additional opportunities for expanding cooperation with EU countries and economic integration in the region, Board Chairman of Azerbaijani Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov said, Trend reports.

Mammadov made the remark at a conference on the topic of “Support to Azerbaijani government in creating a more favorable environment for small and medium-sized enterprises and increasing their competitiveness”.

According to him, this is especially important in the post-COVID-19 pandemic period, when economic recovery and sustainable growth are expected.

"The trade turnover between Azerbaijan and European countries in 2020 amounted to $9.5 billion, or 40 percent of the total trade turnover of our country. Azerbaijan imported products worth $6.8 billion from Europe. Besides, 1,700 European companies operate in Azerbaijan," the chairman further said.

He noted that after the liberation of its territories from the Armenian occupation [in the 2020 Second Karabakh War], Azerbaijan created new opportunities for expanding cooperation.

Besides, according to Mammadov, Azerbaijan's GDP in 2021 increased by 5.6 percent compared to 2020.

"Additional value during this period in the non-oil industry increased by 7.2 percent, and in the oil industry - by 1.8 percent," the chairman also noted.

He stressed that Azerbaijan's small and medium-sized businesses received ample opportunities for sustainable development.

"Our agency has a wide range of tools to support small and medium businesses," added Mammadov.