Economy Minister: Azerbaijan interested in expanding economic ties with Lithuania

Business Materials 11 July 2020 11:38 (UTC +04:00)
Economy Minister:  Azerbaijan interested in expanding economic ties with Lithuania

BAKU, Azerbaijan, July 11

By Fidan Babayeva – Trend:

Azerbaijan is interested in expanding economic ties with Lithuania, Minister of Economy of Azerbaijan Mikayil Jabbarov said, Trend reports with reference to the Azerbaijani Ministry of Economy.

Jabbarov made this remark during the sixth meeting of the Lithuanian-Azerbaijani Intergovernmental Cooperation Commission held via a videoconference.

The minister added that the two countries have the potential to further develop cooperation in industry, logistics, small and medium enterprises, innovation and digitalization, agriculture and tourism sectors.

The sides noted that trade turnover between the two countries increased by 42 percent in the period from January through June 2020, compared to the same period last year.

"Since the beginning of the year, mutually beneficial ties have been established in investment, trade, agriculture, energy, information technology, tourism and culture spheres. The Intergovernmental Commission contributes to the deepening of bilateral trade and economic relations and supports the implementation of projects in various spheres. To date, about 40 documents have been signed between Azerbaijan and Lithuania in various fields, including the promotion of investments and removal of double taxation," said Jabbarov.

Currently, 17 companies with Lithuanian capital operating in Azerbaijan's construction, trade, services, banking and insurance sectors.

The Azerbaijani minister emphasized Lithuania's support in expanding cooperation between Azerbaijan and the EU and, in particular, within the framework of the Eastern Partnership program.

"Azerbaijan highly appreciates the technical and advisory support of Lithuanian structures in projects and initiatives implemented within the framework of the Partnership Declaration signed with the EU in 2013", Jabbarov said.

Talking about the negative impact of the COVID-19 pandemic, Jabbarov noted that it did not bypass the economy of Azerbaijan, and talked about measures of social and economic support, new mechanisms for entrepreneurship development, an electronic credit platform, tax benefits and efforts taken to improve investment attractiveness in the country, as well as about establishment of the fourth Industrial Revolution Center of the World Economic Forum in Azerbaijan.

"All necessary measures to make the Center's activity beneficial for other countries will be taken," the minister stressed.

Coсhairman of the intergovernmental commission, Minister of Foreign Affairs of Lithuania Linas Linkevicius noted that Lithuania attaches great importance to cooperation with Azerbaijan. He noted that November 2020 marks 25th anniversary of the establishment of diplomatic cooperation between Azerbaijan and Lithuania.

Linkevicius also spoke about the measures taken by Lithuania to eliminate the negative consequences of the pandemic.

During the videoconference, sides discussed new spheres of trade and economic cooperation.

Members of the intergovernmental commission on trade, agriculture and food security, energy, transport, innovation and information technologies, environmental protection and culture participating in the meeting, expressed their opinion on the possibilities of developing ties in these spheres.

Following the meeting, sides signed a protocol on the sixth meeting of the intergovernmental cooperation commission. The document was signed by cochairmen of the intergovernmental commission - Azerbaijani Economy Minister Mikayil Jabbarov and Lithuanian Foreign Minister Linas Linkevicius.


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