Azerbaijan, Baku / corr Trend I.Khalilova / Heydar Babayev, the Azerbaijani Minister for Economic Development, and Martin Bartenstein, the Austrian Minister for Economy and Labor, signed a Memorandum of Intention in Baku on 20 September.
"The visit by the senior delegation from Austria to Azerbaijan will give impetus to further development of relations between the two countries," Babayev said. The development of projects will be completed in the near future and several contracts will be concluded over the projects with the participation of the Austrian companies. "We view these projects as long-term cooperation," the Minster said.
Babayev said that the Ministry of Economic Development is prepared to provide assistance to Austrian companies who wish to be involved in the Azerbaijani market. They also marked the role of the Azerbaijani investment company which could participate in joint oil projects with Austria.
"Major interest shown by the Austrian companies in the Azerbaijani market is linked with the economic boom observed currently in Azerbaijan, Bartenstein said. The development of the oil and gas sector is the result of such achievement (35% economic growth). At the same time 11% of growth falls on other sectors.
The key objective of the visit to Azerbaijan is to discuss prospects of cooperation in the oil and gas sector, health, refinery of hard garbage and definition of new directions. The memorandum outlines opportunities for the application of ecological technologies, alternative energy sources, etc.
As a result of 2006 the total goods turnover between Azerbaijan and Austria exceeded €46mln (with the consideration of the energy sector at €100mln), which is the beginning. In the first half year goods turnover totaled €12mln.