Azerbaijan, France to sign commercial agreements worth billions of dollars (UPDATE)

Aerbaijan, France to sign commercial agreements worth billions of dollars

Baku, Azerbaijan, May 12

By Emin Aliyev - Trend:

Azerbaijan and France will create a trade and industry chamber, Azerbaijani Economy and Industry Minister, Shahin Mustafayev said Monday, May 12.

He made the remarks opening the Azerbaijani-French Business Forum in Baku, Azerbaijan.

"The corresponding agreement will be signed today. Aside from that nearly tens of commercial deals on Azerbaijani and French entrepreneurs' joint projects, worth billions of dollars, will be signed today," Mustafayev said.

He went on to add that political and economic ties between Azerbaijan and France are developing progressively.

"The mutual visits of the heads of the two states have played a special role in this. A total of 45 contracts and various documents have been signed between our countries - some 17 out of them are related to the economic cooperation," Minister Mustafayev said.

He went on to add that France is also one of the most important trade partners of Azerbaijan.

"Last year the trade turnover between the two countries stood at $1.56 billion, and over $370 million in the first quarter of 2014, whereas this figure has grown by over 50 percent compared to the same period of last year. Joint projects worth over $1 billion have been implemented," the minister said.

Mustafayev went on to say that Azerbaijan and France are also cooperating in the investment sphere.

"France has invested about $2.4 billion in Azerbaijan's economy. The greatest part of these investments accounted for the oil sector," Mustafayev said, pointing out the role of the French 'Total' and 'GDF Suez'.

He also stressed that some 91 companies from France are involved in the oil and gas projects in Azerbaijan as subcontractors.

Mustafayev said that a total of 200 million Euros was invested in the non-oil sector.