Baku, Azerbaijan, Nov. 13
By Huseyn Veliyev - Trend:
In January-September 2018, the trade turnover of Azerbaijan and the countries of the European Union exceeded $9 billion, having increased by 26 percent over the year, the Minister of Economy of Azerbaijan Shahin Mustafayev said during the Azerbaijani-Slovak business forum in Baku.
The minister noted that the European Union is the main foreign trade partner of Azerbaijan.
The minister said that last year the share of the EU countries in the total trade turnover of Azerbaijan amounted to 42 percent, reaching $9.4 billion.
Touching upon the topic of cooperation with Slovakia, Mustafayev noted that the trade turnover with Slovakia in the first nine months of this year increased by 33 percent.
"There are ample opportunities for investment cooperation between the two countries in the economic sphere. Currently, there are 11 registered companies with Slovak capital in Azerbaijan that operate in the areas of services, trade, construction and transport. I believe that the parties should continue their efforts to further increase the mutually beneficial trade and investment cooperation, since there are all the necessary prerequisites and conditions for this purpose," Mustafayev said.
The minister also touched upon the economic situation in Azerbaijan, noting that the country has achieved economic and financial stability.
In the period from 2004 to 2017, the country's GDP has more than tripled, the state budget revenues increased by 13.5 times, and the strategic foreign exchange reserves - by 26 times, he said.
"To date, over $250 billion has been invested in the country's economy, half of which fall to the share of foreign investment. I am glad that the positive dynamics is observed this year as well. For the first nine months of this year, the economy grew by one percent, the growth in the non-oil sector is also about one percent. The industrial production grew by two percent, and the non-oil industry - by 11 percent. The growth in agriculture was 4.3 percent and in the first nine months of this year, $9 billion were invested in the country’s economy. Of these, $5.6 billion were invested in the non-oil sector," the minister said.