Baku, Azerbaijan, Feb. 28
By Anvar Mammadov – Trend:
The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the South African Embassy in Azerbaijan signed a memorandum of understanding.
The memorandum was signed during presentation of investment opportunities of South Africa, which was held in Baku Feb. 28. The document was signed by AZPROMO head Rufat Mammadov and ambassador of South Africa in Turkey and Azerbaijan Pule Isaac Malefane.
The document envisages the exchange of information on investment and trade opportunities between the two countries, Mammadov told Trend Feb. 28.
"At the same time, the document envisages the exchange of information on regulation of investment activity,” he said. “The South African embassy will support the work of Azerbaijani companies in South Africa. In our turn, we will support the South African companies willing to work in Azerbaijan."
Mammadov said that in general, the memorandum covers cooperation in trade and investment promotion between the two countries.
Trade turnover between Azerbaijan and South Africa amounted to $7.16 million in 2017, according to the Azerbaijani State Customs Committee. Most of that amount accounted for import of products from South Africa. The trade turnover increased by 9.8 percent in 2017 compared to 2016.
