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Charge d'affaires: Azerbaijani exports to Spain may exceed 700M

Business Materials 27 November 2018 10:37

Baku, Azerbaijan, Nov. 27

By Leman Zeynalova – Trend:

Azerbaijani exports to Spain can exceed 700 million euros by late 2018, Charge d'affaires ad interim of Spanish embassy in Baku Ignacio Sanchez Taboada told Trend.

He pointed out that economic and other private relations have clearly increased in 2018, though there is still much room for improvement.

“Our bilateral trade is steadily growing in 2018. In 2017 Spain exported to Azerbaijan goods and services valued 45 million euros. In the first half of 2018 the value of Spanish exports to Azerbaijan reached 35 million euros. The total value at the end of the year is expected to reach 70 million Euros. The value of Azerbaijani exports to Spain in 2017 was 370 million euros. Only in the first half of 2018 the value of Azerbaijani exports to Spain reached 450 million euros and it could overpass 700 million euros at the end of the year,” said the diplomat.

Taboada believes that the best way to increase trade is not to restrict it; reduce custom duties, eliminate trade restrictions and prohibitions, cut the red tape associated to it.

“In addition to not restricting trade, it can also be promoted by providing a stable and solid legal framework for trade and investment. Precisely, in these days the European Union and Azerbaijan are negotiating a new Framework Agreement. One important part of this new agreement will consist of rules to reduce restrictions to trade and stable rules to promote it. We are all very enthusiastic about the result of these negotiations,” noted the Spanish diplomat.

He went on to add that spain is attracting foreign investment in a large variety of sectors, from banking industries, to IT companies, from transport infrastructures to real state, from fisheries to pharmaceutical or car industry.

“The Spanish economy is well out of the recession and growing at a solid pace. It is an extraordinary moment for investors to come to Spain. On the other hand, Spanish companies are showing interest in the petrochemical industry in Azerbaijan, but also in the agriculture, food industry, and transport infrastructures in Azerbaijan,” added Taboada.

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