Minister: EU countries invest $20B in Azerbaijan's economy (UPDATE)
Details added (first version posted on 10:26)
Baku, Azerbaijan, June 8
By Anvar Mammadov – Trend:
The share of European Union (EU) countries in total volume of Azerbaijan’s trade turnover was 38 percent in January-April 2017, said Azerbaijani Economy Minister Shahin Mustafayev.
He made the remarks addressing a business forum between Azerbaijan and the EU in Baku June 8.
Mustafayev said that this figure was 35 percent in 2016.
The minister noted that the EU is also the biggest investor in Azerbaijan’s fixed capital.
“Over the past time, EU investments in Azerbaijan’s fixed capital amounted to about $20 billion or 46 percent of the total volume of investments. Meanwhile, EU countries invested $3 billion in the non-oil sector of Azerbaijan’s economy, which accounts for 35 percent of total investment volume in this sector,” said Mustafayev.
Currently, more than 1,300 European companies operate in Azerbaijan, he added.
The minister said that along with the relations with the EU, Azerbaijan’s bilateral relations with various EU member states are also developing.
“Until today, Azerbaijan signed agreements on eliminating double taxation with 23 countries of the EU, agreements on expanding and protecting investments – with 17 countries,” he noted.
Mustafayev also said that Azerbaijan has joint intergovernmental commissions with 13 EU countries.
“Moreover, we have already signed agreements on strategic partnership with seven EU countries,” noted the minister.
Over the past five years, 123 business forums and business meetings were held with EU countries, he added.