Austria to organize trade mission to Azerbaijan

Business Materials 13 August 2021 08:01 (UTC +04:00)
Austria to organize trade mission to Azerbaijan

BAKU, Azerbaijan, August 13

By Leman Zeynalova – Trend:

Austria will organize a trade mission to Azerbaijan in November 2021, Austrian Federal Ministry for European and International Affairs told Trend.

"Bilateral trade relations between Azerbaijan and Austria have flourished for many years already. Austria’s exports to Azerbaijan consist mainly of machinery, special industrial equipment, pharmaceutical products, vehicles, steel, non-alcoholic beverages and breeding cattle. In 2019 Austrian exports amounted to approximately 75 million euros; unfortunately due to the pandemics we saw a decline of our exports by 38 percent to 47 million euros in 2020. Austria imports nearly exclusively oil and gas form Azerbaijan; in 2019 to an amount of nearly 440 million euros. In the year of the pandemic these imports also went down by 75 percent to 110 million euros.

Visits and contacts were reduced, turnover of companies changed, global perspectives were under review. Particularly in the field of tourism the market suffered considerably. Exchange of people and connectivity were the prime areas of contraction. But there will be a time after the crisis. This perspective we have to stay focused on.

So, trade between the two countries has taken quite a blow in these difficult times. However, after the normalisation of the situation a surge of activities and increase in trade back to a normal level can be anticipated: a trade mission for Austrian companies to Baku in November 2021 should help in this regard. Looking ahead, the field of tourism in general and hotel as well as resort infrastructure in particular could offer potential for cooperation. Also in the field of agriculture Austria is an interested investor," said the ministry.


Follow the author on Twitter: @Lyaman_Zeyn