Azerbaijani and South African business circles studying markets - charge d'affaires (Exclusive)

Baku, Azerbaijan, June 25

By Lyaman Zeynalova – Trend:

The business circles of Azerbaijan and the Republic of South Africa (RSA) are exploring the markets of each other, temporary charge d'affaires of the Embassy of Azerbaijan in South Africa Azad Naghiyev said in an interview with Trend.

"At present, the business circles of our countries are at the stage of studying the market and trade and economic opportunities of each other, and as the information is accumulated, the level of cooperation will grow. I believe that cooperation in the field of tourism, shipbuilding, trade, communications, information technology, high technologies, agriculture and processing industry, pharmacology and finance is very promising and mutually beneficial," Naghiyev said.

The diplomat noted that, the cooperation in the field of energy, mining, etc. is considered as very promising.

Further, Naghiyev noted that, the trade turnover between Azerbaijan and South Africa in 2017 amounted to $7.16 million.

"Although, in general, in recent years, trade and economic turnover between our countries showed a positive trend (compared to 2016, in 2017, the growth of trade turnover amounted to 9.8 percent), however, we are not satisfied with its condition. The current volume of foreign trade turnover between our countries does not correspond to the existing high level of political relations and economic potential of our countries," Naghiyev said.

At the same time, the diplomat noted that, he is optimistic about the future of economic cooperation between the two countries.

"I believe that there are encouraging signs that we are on the threshold of significant progress in the field of trade and economic cooperation. As you know, major transport and logistics projects are being implemented, as well as consistent economic reforms aimed at creating more favorable conditions and providing additional incentives for business development are being realized in our country. Currently, South Africa is also preparing major economic reforms that will create attractive conditions for foreign investment, and will form a favorable environment for doing business in the country, creating modern enterprises and stimulating exports," Naghiyev said.

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