Italian investments in Azerbaijan reach almost half billion dollars – minister
Baku, Azerbaijan, Apr. 15
By Azad Hasanli - Trend:
Italian companies have invested almost half a billion dollars in Azerbaijan's economy, Minister of Economy and Industry of Azerbaijan Shahin Mustafayev said Apr.15 in Baku during the Azerbaijani-Italian business forum.
"Some 66 companies with Italian capital operate in Azerbaijan, which invested $482 million in the economy of the country, $374 million of which fell on the oil sector," he said.
In addition, Italian companies are involved in the implementation of 8 projects totaling $810 million as contractors, the minister said.
He went on to add that the two countries have great potential for cooperation.
"The relations between Azerbaijan and Italy are very branched," he said. "Italy has been the main foreign trade partner of Azerbaijan during the last seven years and the volume of trade with Italy is constantly growing."
Mustafayev mentioned light industry, particularly textiles among the promising areas of cooperation. The minister invited Italian companies to participate in Mingachevir industrial park, where they could create the appropriate enterprises.
In addition, he said that Azerbaijan and Italy may also develop relations in the tourism sector, adding that the countries already have direct air communication and could arrange reciprocal tours.
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