Azerbaijan and Austria Have a Potential to Extend Trade Operations

Politics Materials 29 November 2006 17:33 (UTC +04:00)
Azerbaijan and Austria Have a Potential to Extend Trade Operations

The fourth joint sitting of the Azerbaijani Austrian Intergovernmental Commission in the fields of economy, agriculture, industry, and technology has been held in Baku today, Trend reports.

Heydar Babayev, Azerbaijan Economic Development Minister was the Co-Chairman from the Azerbaijani party, and Johann Zaks, Director General on Foreign Trade Issues in the Austrian Economic and Labor Ministry was the Co-Chairman from the Austrian side. Mr. Babayev informed the guests about economic reforms and achievements of the country. It was pointed out that the dynamic development of the economy leading field the oil and gas sector has triggered the high tempos of the other industrial spheres.

In 2005, the growth of the output was 33,5%, agriculture 7,5%. On the whole, the GDP growth was at the level of 26,4%.

Azerbaijan has become one of the leaders not only among CIS countries but also internationally according to the pace of development. Over the 10 months of 2006, the growth of GDP made up 34,3%, he said.

According to Mr. Babayev, reforms being carried out in the economy had positive effects on the increase in invetsments.

Over $35 bln have been invested to Azerbaijan, and more than 70 percent of these investments were foreign ones, he said.

Azerbaijan is carrying out trade operations with 130 countries. As results of 2005, its foreign trade turn-out exceeded $8,5 bln. The commercial relations between Azerbaijan and Austria in 2005 made up $24,9 mln., and $32,9 mln in 10 months of the current year..

The Minister thinks that there is a huge potential to expand trade operations, that should be used more eficiently.

The Director General on Foreign Trade Issues in the Austrian Economic and Labour Ministry said that he attached a significant importance to Austrian economic relations with Azerbaijan. He also expressed his satisfaction with Azerbaijan economic achievements.

Issues discussed during the meeting will be useful to both parties, he said.

During the sitting of the Commission, the current situation between the countries, as well as perspectives of the development were considered.

An Austrian economic delegation is expected to visit Baku on December 4-5. Representatives of 19 Austrian companies will be represented. The companies represent different spheres from sport wear to heavy and chemical industry. The forthcoming delegation will also include representatives of the Austrian branch of Siemens, represented in the security systems sphere, and the company is very interested to meet both with representatives of the state and private sectors of the country to discuss possibilities of cooperation.