Adjara offers Azerbaijani companies to increase investments

Business Materials 7 November 2014 17:09 (UTC +04:00)

Baku, Azerbaijan, Nov. 7

By Azad Hasanli - Trend:

SOCAR Energy Georgia (Georgia's subsidiary of the State Oil Company of Azerbaijan) invested $6 million in the economy of the Autonomous Republic of Adjara in 2014, Minister of Economy and Finance of Ajara David Baladze said at the Azerbaijani-Georgian business forum in Baku Nov. 5.

He said that SOCAR Energy Georgia began the process of gasification in Adjara in 2008.

The minister said that besides the energy sector, Azerbaijani companies also are investing in the creation of tourism infrastructure in the region.

Baladze said that in general, tourism, energy and construction are the leading areas for making investments in Adjara. Moreover, the region also pays attention to the development of agriculture, processing industry and other areas, where Azerbaijani entrepreneurs can invest.

As of 2013, the volume of mutual direct investments between Azerbaijan and Georgia was $1.09 billion. According to the mutual direct investment index of the Centre for Integration Studies of the Eurasian Development Bank, Azerbaijan and Georgia have the most intensive investment cooperation in the post-Soviet area.

Georgia's trade turnover with Azerbaijan amounted to $879.2 million in January-September 2014 (10.5 percent of Georgia's total foreign trade volume). Thus, goods worth $ 425.79 million were exported from Georgia to Azerbaijan, while goods worth $453.39 million from Azerbaijan to Georgia, according to the Azerbaijani State Customs Committee.

edited by CN