President Ilham Aliyev had working dinner with heads of Italian largest companies (PHOTO) (UPDATE)

Details added (first version posted at 22:10 on Feb. 20)

BAKU, Azerbaijan, Feb. 20

Trend:

President of the Republic of Azerbaijan Ilham Aliyev has had a working dinner with President of “Cassa Depositi e Prestiti SpA”, the Italian largest financial and banking institution, Giovanni Gorno Tempini and heads of more than 10 world-renowned largest, leading industrial and financial groups in Rome.

President Ilham Aliyev: Thank you very much! I would like to express my gratitude to CDP for the initiative to meet for a CDP-chaired luncheon. An Italian-Azerbaijani business forum with the participation of more than 100 companies will be held tomorrow. But today I am meeting with the biggest Italian companies – the leading companies of the Italian economy. We have been working very closely with some of them for many years. Some of them are planning to work with us, and this is fully consistent with our goals.

My state visit to Italy is very important. After the meetings with Mr. President, Prime Minister and Senate leader, I can say that my visit can already be considered successful. This is a continuation of the active dialogue that was stepped up after the visit of President Mattarella to Azerbaijan two years ago. The agreements reached at that time and the issues we discussed are currently being implemented. During my visit, some of the more than 20 documents have already been signed and more will be signed tomorrow. They cover various issues, including political, economic, trade, transport, cultural and other spheres. Among them, I want to specifically note the Joint Declaration on the development and strengthening of strategic partnership between Azerbaijan and Italy. This is indeed a very important political document that defines our close cooperation for many years to come. Italy, for us, as Mr. Chairman said, is not only the number one trading partner, but also one of the closest partners in Europe. I think that after the signing of this historically important document, our relations should enter a new stage.

In connection with the practical implementation of projects, I can say that Italian companies have signed contracts worth about $10 billion in the energy sector of Azerbaijan and energy projects funded outside of Azerbaijan alone. In the non-oil sector, this figure is around $700 million. Yes, I do agree that there is a large imbalance in our trade. However, we should also know that this is mainly due to our exports of oil to Italy. Therefore, we are interested in diversifying our exports. Of course, we should take additional measures to increase exports from Italy to Azerbaijan. Given our policy of diversification and industrialization, I can tell you that our non-energy industry grew by 14 percent last year and by a further 16 percent in January this year. This is caused by projects funded by public and private sectors in industry. Italian manufacturers are highly professional companies operating at a high level. Therefore, the technological renewal of Azerbaijan is our priority. I am sure that after my visit we will see more projects representing joint interests. During the visit, a very important Memorandum of Understanding was signed with one of the companies present here. This will be a fairly large agreement to be implemented by Leonardo. Today, with my participation and with the participation of the Prime Minister, a document was signed between our defense ministries. This will open a new page in our cooperation, and this is a very promising project because we are at the stage of modernizing our defense infrastructure. Azerbaijan's economic indicators are positive. The country's economy is stable. Our external debt is at a very low level – 17 percent of the gross domestic product. Reserves of freely convertible currency exceed our external debt six times. We can borrow any amount. Our main goal is diversification. After the completion of TAP, which we hope will happen very soon, we will achieve everything that we planned in the energy sector because, as you noted, we are one of the main exporters of oil to Italy today. I think that we are first. On the transportation of natural gas, we will become one of the leading countries. Therefore, the focus should be on the non-energy sector. We are approaching issues of agriculture, heavy industry and the relationship between small and medium enterprises. Of course, we welcome large investments from Italy and are ready to invest in Italian economy. Today, Azerbaijan’s investments in Italian companies and real estate amount to approximately $1.5 billion, and we have the potential for development.

One of the promising sectors of our economy is also the development of cooperation in the space industry and tourism. The number of Italian visitors to Azerbaijan is growing. There are many other sectors. In other words, close political relations provide a solid foundation for the business community. These close political relations gained further strength during my visit. Therefore, I am sure that Italian companies will be the most active companies in Azerbaijan in the coming years. With some of them – representatives of these companies are present here – we have been cooperating for a long time. We plan to start cooperation with others. I am sure that today's luncheon will be very fruitful, and we will see excellent results. Thank you for the invitation again. I am sure that during the discussions we will plan on a beneficial future for both sides.

Electricity imports growing in Georgia
Electricity imports growing in Georgia
Georgian oil companies seek to avoid price increases
Georgian oil companies seek to avoid price increases
Georgia sees increase in COVID-19 cases
Georgia sees increase in COVID-19 cases
Loading Bars
Latest
Buy/sell operations at Iran Mercantile Exchange revealed
AP publishes article covering Armenian missile attack on Azerbaijan’s Ganja on Oct.17 (PHOTO/VIDEO)
OIC adopts resolutions in connection with Armenia's aggression against Azerbaijan
President, members of Board of European Muslim Forum send letter to President Aliyev
Aghdam district of Azerbaijan after 27 years of Armenian occupation (VIDEO)
Kazakhstan to bring waste processing level to average European level
UK appoints minister in charge of COVID-19 vaccine rollout
Number of blocked malware in AzStateNet network drops
Airport in Uzbekistan to buy auto parts via tender
Iranian Energy Exchange announces products to be on sale November 29
Azerbaijani team takes third place in group exercises at 36th European Rhythmic Gymnastics Championships
At least 6 killed in Somali capital suicide bombing
Microsoft Azerbaijan to support all initiatives in liberated territories of Azerbaijan
Azerbaijan shows footage of Kalbajar's Vang village (VIDEO)
Police fire tear gas at Paris protest against police violence
Electricity imports growing in Georgia
Cargo, passenger traffic via Turkish Sabiha Gokcen Airport slumps amid pandemic
Uzbek-Korean JSC Uz-Dong Won Co. announces tender for steel pipes supply
Cargo transportation at Turkish Antalya airport reduces
Austria records nearly 1,000 COVID-19 deaths over past 10 days
State Employment Agency of Azerbaijan opens tender on supporting start-up projects
Results of Azerbaijan's junior national team performance at 36th European Rhythmic Gymnastics Championships announced
Details of Iran’s exports to Iraq declared
Azerbaijan reports 4,212 new COVID-19 cases, 1,760 recoveries
Four citizens dead as result of mine exploding in Fuzuli - Azerbaijani Prosecutor General's Office
Kazakhstan's export volumes to China surge despite COVID-19
Assistant to Azerbaijan's president, diplomats, Garabagh FC representatives visit Aghdam Mosque (PHOTO)
Turkmenistan committed to promoting socio-economic development of Afghanistan
Georgian oil companies seek to avoid price increases
Tender for maintenance of elevators, escalators launched in Turkey
Azerbaijan's ten-month output of oil products declines
Turkey's export of grain and legumes to Turkmenistan up
Turkmenistan, Belarus discuss program of cooperation
Iran reveals its COVID-19 data for November 28
Azerbaijani president's assistant, diplomatic corps reps arrive at liberated Aghdam city
Rural digitalization project successfully underway in Kazakhstan
Missile fired to Tartar by Armenia delivered to local museum - president's assistant (VIDEO)
Number of enterprises put into operation in Iran's Ardabil Province up
Water problems center to be created in Uzbekistan’s Khorezm region
Khazar Consortium opens tender for purchase of lubricating oil
Azerbaijan’s Baku Telephone Communications opens tender
Georgia sees increase in COVID-19 cases
Number of shells fired at Tartar district by Armenian Armed Forces revealed
German minister says partial lockdown could last until Spring 2021
Kazakhstan doubles export to Afghanistan
Price of apartments in Iran’s Tehran rising
Autumn grain sowing carried out on large area of land in Azerbaijan
Azerbaijan’s Baku Metro to buy inert materials through tender
Weekly review of Azerbaijani currency market
Azerbaijani president's assistant, diplomatic missions visiting Tartar (PHOTO)
Turkish soldiers to soon begin their missions in Azerbaijan - Turkey’s VP
Georgian Basisbank launches service for purchase of government securities
Azerbaijan shows footage of Kalbajar's Istisu village (VIDEO)
Uzbekistan reveals its COVID-19 data for November 28
Turkey issues 10M2020 data on cargo, passenger traffic in Adnan Menderes Airport
Assistant to Azerbaijani president, Karabakh football club to visit Tartar, Aghdam cities
Azerbaijani oil prices reaching $49 per barrel
Tesla could widen release of 'self-driving' software in two weeks
Iranian currency rates for November 28
Kazakhstan’s Intergas Central Asia opens tender for equipment modernization
Turkish municipality to rent vehicles via tender
Turkmenistan, EU discuss prospects for developing bilateral contacts
Iran seeks to cooperate in auto sector with foreign countries
Azerbaijani flag raised in liberated Kalbajar city after 27 years (VIDEO)
OPEC+ likely to roll over its current production cut at least until end-March 2021
Brazil's COVID-19 death toll nears 172,000
826 new coronavirus cases in 24 hrs, total at 130,039
Georgian Poti FIZ plans to implement production of high-tech electrical devices in 2021
Chinese mainland reports 6 new imported COVID-19 cases
British, Irish prime ministers discuss EU trade negotiations
Kazakhstan increases exports to Georgia multifold despite COVID-19
France reports 957 new COVID-19 deaths, hospitalizations down
76 more coronavirus patients die in Moscow in past day
OPEC+ monitoring committee postpones meeting on oil production cuts deal in 2021 to Sunday
Brexit goes down to the wire: EU and UK say big differences remain
Iran expected to reduce potato production
Azerbaijan national team won silver and bronze medals at 36th European Championship in Ukraine
Diesel fuel production down in Azerbaijan
Кazakhstan Electricity Grid Operating Company opens tender to buy batteries
Export of grain and legumes by Turkey to Iran down
Turkey registers nearly 30,000 new coronavirus cases as recoveries surpass 390,000
Kazakhstan has high hopes for homegrown COVID-19 vaccine - Minister
Georgia expect stabilization of pandemic with the expansion of restrictions
Iraq reports 2,545 new COVID-19 cases, 547,215 in total
Resolution adopted by French Senate is gross violation of int'l law - Honorary Member of French Parliament
Erdoğan urges public caution against COVID-19 in Turkey amid violations
76 Iranian professors among world top 2% scientists
Monetary policy in Georgia remains tightest among CIS - Renaissance Capital
Representatives of Kyrgyzstan take part in XVIII meeting of CSTO ICMEC
Britain records 16,022 new coronavirus cases, 521 new deaths
Azerbaijani gymnasts reach finals of 36th European Championship in Rhythmic Gymnastics in Ukraine
Turkish political parties condemn French Senate’s resolution on Karabakh
World Maritime University, Georgia aim to develop maritime education, capacity-building activities
Georgia makes giant strides in transposition of energy efficiency acquis
Cash receipts from Azerbaijan to Georgia increases
Number of debit cards in Azerbaijan increases
Uzbekistan increases raisins export to Netherlands
Georgia to subsidize wheat flour price
IAEA to implement multiple projects in Georgia
Uzbekistan, Hungary consider establishing Uzbek-Hungarian Business Council
All news