Minister: Baku to hold presentation of Trans-Caspian international transport corridor

Minister: Baku to hold presentation of Trans-Caspian international transport corridor

Baku, Azerbaijan, Nov. 19

By Ali Qasimov – Trend:

During 1995-2018, Georgia invested $93.8 million in the Azerbaijani economy and Azerbaijan invested more than $3 billion in the Georgian economy, Azerbaijani Minister of Economy Shahin Mustafayev said.

Mustafayev made remarks at the meeting with the Georgian delegation headed by Finance Minister Ivane Machavariani on a visit to Baku.

“Since 2012, Azerbaijan has ranked first in terms of making investments in Georgia,” he added.

More than 300 Georgian companies, about 650 investment companies of Azerbaijan have been registered in Azerbaijan. In particular, the Azerbaijani state oil company SOCAR successfully operates in Georgia.

Mustafayev stressed that trade relations, which are one of the main areas of cooperation between Azerbaijan and Georgia, are developing.

He added that in 2017 the trade turnover between Azerbaijan and Georgia amounted to $545 million, while exports increased by 13 percent.

"In January-September 2018, trade turnover between the countries amounted to $450 million, while exports grew by 8 percent,” the minister added. “Joint business forums, business meetings and other events involving business people are regularly held between the countries."

He stressed that the energy sector is one of the main directions of the cooperation between Azerbaijan and Georgia and such big projects as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Erzurum, Southern Gas Corridor testify to the successful cooperation.

As for the cooperation in the transport and transit field, Mustafayev stressed the special importance of the Baku-Tbilisi-Kars railway and added that earlier this year China had a presentation of the Trans-Caspian International Transport Corridor project. The minister also stressed that a similar presentation is planned to be held in Baku.

In turn, Machavariani stressed the friendly relations between the countries, cooperation in big energy and transport projects having international importance, the development of ties in the economic sphere.

Stressing that the holding of another presentation in connection with the Trans-Caspian International Transport Corridor with the participation of Azerbaijan and Georgia will be important in terms of promoting the transport and transit potential of the region.

Machavariani said that Georgia, along with the energy, transport and transit, is also interested in expanding cooperation with Azerbaijan in the fields of industry, agriculture, tourism and others. He appreciated SOCAR’s activity in Georgia.

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