Two Agreements to be Signed at Azerbaijani-Belarusian Business Forum

Business Materials 21 May 2008 13:45 (UTC +04:00)

Azerbaijan, Baku, 21 May / Trend corr I. Khalilova/ Azerbaijan Export & Investment Promotion Foundation (AZPROMO) reported on 20 May that it plans to sign two agreements during the Azerbaijani-Belarusian business forum to take place in Minsk on 2-4 June.

AZPROMO will sign agreements on information exchange with Belarus Chamber of Commerce and the Marketing and Prices Centre attached to the Belarusian Foreign Ministry.

The Azerbaijani delegation to the business forum will be headed by AZPROMO President Emil Majidov. It will include representatives of 10 local companies specializing in construction, food industry and machine-building.

That will be the second meeting between the two countries' business circles. The first business forum took place in Baku in January 2008.

The bilateral relation between the two countries has remarkably expanded lately, however the current trade turnover does not reflect the real economic potential of the bilateral relations. The trade turnover between the two countries increased more than 5 times for the last 5 years while it made up only $37mln in 2006 and $79.3mln in 2007, $76.9mln of which accounts for the import.

The key focus of the bilateral economic cooperation is creating favourable conditions for establishment and activities of the joint ventures. At present, there are 12 companies and enterprises with the Belarusian share in Azerbaijan. Bakinskiy Rabochiy Machine Works of Azerbaijan and MZKT UP are cooperating to produce jointly mobile drilling rigs for drilling oil and gas wells.

The International Bank of Azerbaijan (IBA) has opened settlement accounts to credit export and import operations. Apart from this, work is being carried out to establish long-term and mutually beneficial relations between IBA and Belpromstroybank.

The official exchange rate for 20 May made up 0.8262 AZN/USD.

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