The first meeting of the Azerbaijani-Italian intergovernmental commission in economic co-operation was held in Baku on 20 October 2006. During the briefing the Co-chair of the Commission, the Italian Deputy Foreign Minister, Famiano Kruchanelli, stated that so far co-operation between Azerbaijan and Italy has been based on oil operations.
Azerbaijan could greatly contribute to the energy security of Italy. The energy sector of Azerbaijan should be developed further. The commercial bonds between the countries are developing in different spheres of economy. We carry out analysis of the sectors, which can be upgraded for a mutually profitable co-operation and primarily in the agro-industrial complex, he stressed.
He stated Italy's interest in the output of light industry.
Heydar Babayev, the Azerbaijan Minister for Economic Development, said that a considerable part of interstate goods turnover between Azerbaijan and Italy is comprised of raw materials.
We want to include refined product and exclude raw materials from export. The export and import operations between the two countries reflect this reality. At present we have observed a 4-fold rise in the goods turnover as compared to 2005. But we want to inject some changes into the foreign trade, particularly through the inclusion of agriculture and industrial goods.' the Minister stated.