Azerbaijan, Baku, Nov 26 /Trend A.Akhundov/
Minister of Economic Development Shahin Mustafayev and Deputy Prime Minister, Minister of internal and external trade and telecommunications of Serbia Rasim Lyaich discussed the economic relations between the two countries, the prospects for cooperation, expansion of trade relations, investments and other issues during a bilateral meeting in Baku on Monday.
Mustafayev said the cooperation between Azerbaijan and Serbia based on the principles of mutual respect and fruitful cooperation. The Minister noted the particular role of mutual official visits and meetings in the development of relations.
Lyaich, in turn, said both countries have a great potential and it is necessary to effectively use existing capabilities to develop bilateral cooperation.
The project for the construction of roads in Serbia by the Azerbaijani construction company AzVirt through the funds provided by Azerbaijan as a loan can be an example of the cooperation.
The loan agreement for 308 million euros for a period of 25 years with a three-year grace period, at an annual rate of four percent per annum was signed between Azerbaijan and Serbia on February 1, 2012.
The construction of motorways Lzhig Bolzhkovchi, Bolzhkovchi-Takovo and Takovo-Prelzhina was financed through the loan.
Currently two Serbian companies are registered in Azerbaijan.
According to the State Customs Committee, the trade turnover between Azerbaijan and Serbia amounted to $21.24 million in January-September, $21.22 million of which accounts for