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Economy minister discloses EU investments made in Azerbaijan over past 10 years (UPDATE)

Business Materials 24 November 2017 12:21 (UTC +04:00)
The EU has invested $21 billion in the Azerbaijani economy over the past 10 years, Azerbaijani Economy Minister Shahin Mustafayev said.

Details added (first version posted on 11:23)

Baku, Azerbaijan, Nov. 24

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The EU has invested $21 billion in the Azerbaijani economy over the past 10 years, Azerbaijani Economy Minister Shahin Mustafayev said.

Mustafayev made the remarks at an event in Baku Nov. 24 dedicated to the completion of the twinning project entitled "Support to the State Statistical Committee in Modernization of the National Statistics System of the Republic of Azerbaijan in line with EU Standards".

"Thus, 24 percent accounted for investments made by the EU countries,” he said. “At present, more than 1,400 European companies operate in Azerbaijan. Azerbaijan has signed a memorandum on strategic partnership with eight EU countries."

The minister also stressed that the EU is the main trade partner of Azerbaijan.

"The EU share in the total trade turnover of Azerbaijan amounted to 35 percent in 2016,” the minister said. “Taking into account the results of this year, this figure has not decreased and remained at the level of 35 percent."

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and the EU countries amounted to $5.67 billion for 10 months of 2017, almost $4.2 billion of that amount accounted for the export of Azerbaijani products to the EU countries.

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