Italy dissatisfied with level of investment cooperation with Azerbaijan

Business Materials 13 November 2013 15:01 (UTC +04:00)
Trade turnover between Azerbaijan and Italy in 2013 compared to the previous year has increased two-fold

Baku, Azerbaijan, Nov. 13

By Huseyn Valiyev - Trend: Trade turnover between Azerbaijan and Italy in 2013 compared to the previous year has increased two-fold, the Italian Deputy Minister for Economic Development, Carlo Calenda, who heads a delegation of the country participating at the Azerbaijani-Italian business forum, told journalists in Baku on Nov.13.
According to him, the bulk of Italian investments in Azerbaijan are invested in the energy sector which creates a kind of imbalance as mainly other products are imported from Azerbaijan to Italy.

"We intend to interest Italian companies in participating in the textile industry, construction and so on," the deputy minister said.

The business forum at Baku involves 130 Italian companies which represent the construction, oil and gas and other sectors of the country.

"In August, Italian Prime Minister Enrico Letta, visited Azerbaijan. The main project being the Trans Adriatic Pipeline (TAP), which has been chosen as the route for transporting Azerbaijani gas to European markets, was discussed during the visit.

"We can say that today's business forum is a continuation of his visit to Azerbaijan. We hope the development of bilateral relations between Azerbaijan and Italy in the future will only expand," he said.

Trade relations between the two countries according to Calenda, is developing at a very high level.

"However, the low level of cooperation in the investment industry still remains and it develops slowly. Our main goal is the mutual association of Italian and Azerbaijani companies to promote the growth of investment in the economy of both countries," the deputy minister said.

At the business forum, he said it is anticipated holding 300 meetings and in the evening of November 13 already specific areas for future cooperation are to be clarified .