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Romania, Azerbaijan have untapped potential in bilateral trade relations - ministry

Business Materials 20 April 2021 00:01 (UTC +04:00)
Romania, Azerbaijan have untapped potential in bilateral trade relations - ministry

BAKU, Azerbaijan, Apr. 20

By Nargiz Sadikhova - Trend:

Romania and Azerbaijan have untapped potential in bilateral trade relations, the Romanian Ministry of Foreign Affairs told Trend.

The ministry said that both countries need to be more active and creative in helping the Romanian and Azerbaijani companies discover and take advantage of the business opportunities on the two markets.

"It is important for our business communities to realize that both Romania’s and Azerbaijan’s economies have grown a lot more complex over the past years. For example, Romania has now a strong, diverse manufacturing and industrial base, with a wide range of specialized, competitive products and services which might provide good answers to some of Azerbaijan’s needs," the official said.

At the same time, the ministry official said, that Azerbaijan’s economy is diversifying and non-oil exports are expected to increase on the longer run; this is a good reason for looking for new markets, such as Romania, for these products.

"There is untapped potential in our trade relations, and we need a long-term vision and planning in order to be able to diversify it (expand the range of traded products) in a sustainable manner. Of course, in this process we need to fully exploit the instruments provided by the Joint Intergovernmental Commission, which remains the single most important forum to take stock of the ongoing projects and set forth the priorities for the future," the official said.

The official also said it is important to underline, at this point, that the quality standards of SOCAR's services and activities in Romania are highly appreciated by consumers.

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Follow the author on Twitter: @nargiz_sadikh

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