Minister: Ukraine’s direct investments in Azerbaijan total $25M (UPDATE)
Details added (first version posted on 16:59)
Baku, Azerbaijan, Oct. 20
By Anvar Mammadov - Trend:
Ukraine’s direct investments in Azerbaijan amounted to $25 million, said Azerbaijani Economy Minister Shahin Mustafayev at the Azerbaijan-Ukraine business meeting in Baku Oct. 20.
He said that currently, 116 companies with Ukrainian capital operate in Azerbaijan.
"Azerbaijan's investments in Ukraine amounted to $200 million,” he said. “In particular, Azerbaijan’s state oil company SOCAR, having 60 filling stations in the country, is actively operating in the Ukrainian market.”
“The relations between the two countries in cargo transportation should be also stressed,” he said. “Azerbaijan has already turned into a transit country and Ukraine also uses the transit potential of Azerbaijan.”
“The cargo transportation by railway increased by 2.4 times, while cargo transportation by vehicles - by 3.1 times in January-September 2017 as compared to the same period of 2016," he said.
Mustafayev invited Ukrainian companies to invest in various spheres of Azerbaijani economy, in particular, in industrial and agricultural parks.
"There is a great potential between our countries in developing relations and establishing joint ventures in tourism sector, processing industry, pharmaceutics and agriculture," the minister said.
According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Ukraine amounted to $483.2 million in January-September 2017, which is 2.1 times more compared to the same period of 2016.
At the same time, the export of Azerbaijani products to Ukraine increased by 5.1 times - from $32.94 million to $166.9 million, while imports of Ukrainian products to Azerbaijan increased by 59.2 percent (from $198.74 million to $316.3 million).