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Azerbaijan expects growth in energy supply to Europe – minister

Economy Materials 17 May 2022 11:59
Azerbaijan expects growth in energy supply to Europe – minister
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, May 17. Azerbaijan continues to supply energy resources to European market constantly, and we expect that the volumes will only grow, Azerbaijani Economy Minister Mikayil Jabbarov said at the EU-Azerbaijan business forum on May 17, Trend reports.

"Main area of ​​cooperation between Azerbaijan and the EU is oil and gas industry, also the transport sector. Development of alternative energy and expansion of cooperation in this direction is also expected,” the minister said.

”Azerbaijan is a hub for transporting goods to the EU countries and other markets. Our port and economic zones allow expanding current cooperation and increasing trade turnover between Azerbaijan and the EU," Jabbarov noted.

Minister also said that reforms were carried out in a number of state structures of Azerbaijan, which contribute to attracting additional investments and creating a favorable business environment.

"All incentives applied by tax, customs and other authorities increase Azerbaijan's investment potential. Small and medium-sized businesses account for about 60 percent of budget profits, and 40 percent of non-oil exports fell to SMEs," Jabbarov added.

According to Jabbarov, the restoration of Azerbaijan’s liberated territories is a priority direction of the government's activity.

He noted that the largest work is underway on the construction of roads and infrastructure, and industrial zones are being created.

"All cities and villages have been destroyed in Karabakh, and our former internally displaced people will return to their native lands in near future," Jabbarov added.

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