EU investments in Azerbaijan exceed $15 billion over past 5 years - Deputy Minister (UPDATE)
Details added (first version published at 11:11)
Baku, Azerbaijan, June 5
By Anvar Mammadov - Trend:
Over the past five years, the European Union (EU) countries have invested more than $15 billion in Azerbaijan's economy, Deputy Minister of Economy of Azerbaijan Rufat Mammadov said in his speech at the EU-Azerbaijan business forum June 5.
He noted that more than 1,500 European companies are currently operating in Azerbaijan.
"Economic cooperation between the EU and Azerbaijan is constantly improving. Last year, the trade turnover between the EU and Azerbaijan amounted to 9.4 billion euros, which account ted for 32 percent of the total trade turnover of Azerbaijan. In the four months of this year, the trade turnover amounted to $3.7 billion, which is 15 percent more than in the same period last year. Over the past five years, the EU has invested $ 15.3 billion in the country," Mammadov said.
The deputy minister noted that Azerbaijan is also an important partner of the EU in the energy sector.
"Azerbaijan provides five percent of the EU's oil needs. On May 29, we officially launched the Southern Gas Corridor project, which will provide Europe with Azerbaijani gas as well in the future," Mammadov said.
Mammadov noted that the parties continue to work on various cooperation programs, and since 1992 the EU has allocated about 600 million euros to Azerbaijan as technical support.
The deputy minister said Azerbaijan also pays great attention to the development of bilateral relations with the EU countries.
"Up to now, Azerbaijan has signed agreements on avoidance of double taxation with 24 EU countries, and agreements on promotion and protection of investments with 17 countries. There are intergovernmental commissions with 16 countries. In addition, we have already signed agreements on strategic partnership with nine EU countries," Mammadov said.
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