Overview: Azerbaijan and Ukraine entering new stage of economic development?

Politics 14 January 2022 12:24 (UTC +04:00)
Overview: Azerbaijan and Ukraine entering new stage of economic development?

BAKU, Azerbaijan, Jan. 14

By Lyaman Zeynalova - Trend:

Azerbaijani President Ilham Aliyev's official working visit to Ukraine has started today. The visit will give a new impetus to development of economic relations between the two countries.

Trade and economic ties between Azerbaijan and Ukraine are the driving force behind the development of bilateral relations. The development of these relations is done through partnerships, interstate ties and business associations.

Trade partnership between Baku and Kyiv is on the rise: in the first 11 months of 2021, the trade turnover amounted to $866 million against $771 million for the entire 2020.

In particular, the two countries have great potential for building up cooperation in the field of agriculture. Ukraine has vast lands suitable for crops, and Azerbaijan can benefit from Ukraine's great experience and technologies in this area. Cooperation in this direction can further strengthen Azerbaijan's food security.

Ukraine is also a big market for Azerbaijani petrochemical products. Azerbaijan is a strategic partner of Ukraine in the energy sector.

Of particular importance is cooperation between the two countries in the oil and gas sector.

Azerbaijan State Oil Company (SOCAR) has a wide network of filling stations in Ukraine. The main activity of the company is the wholesale and retail sale of petroleum products, wholesale of natural gas and aviation fuel. For development of bilateral energy cooperation between Azerbaijan and Ukraine, sky is the limit.

Promising areas in this regard may be the participation of Azerbaijani companies in development of hydrocarbon deposits in Ukraine, their participation in privatization of energy facilities, as well as the implementation of new infrastructure projects.

Moreover, Ukraine is considering to import Azerbaijani natural gas supplied to the European market as part of the implementation of the second and third phases of the Southern Gas Corridor (SGC) project.

Another important aspect is cooperation in the humanitarian sphere. Higher educational institutions of Ukraine are in great demand among Azerbaijani students. In 2021, 1,247 Azerbaijani citizens entered higher educational institutions of Ukraine.

So, the visit of the President of Azerbaijan Ilham Aliyev to Ukraine will contribute to the further development of bilateral relations and bring relations to a qualitatively new level.