Baku, Monaco sign memos on mutual cooperation

Azerbaijan and Monaco signed three memorandums on mutual cooperation within the framework of the AzerbaijanMonaco Business Forum held in Baku on November 7. Memorandums were signed between the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Monaco Economic Board, Azerbaijan Chamber of Commerce and Industry and Monaco Economic Board, as well as Azalternativenerji LLC and Chamber of Renewable Energies and Ecology of Monaco.

Azerbaijan’s Deputy Minister of Economy Sahil Babayev noted that Azerbaijan may become a country for Monaco, which allows getting access to the markets of other countries in the South Caucasus region and the CIS.

“Azerbaijan for Monaco is not only a potential market with a population of almost 10 million people,” Babayev said. “We have free trade agreements with the CIS countries and Georgia; we can actually provide Monaco access to the market with a population of more than 200 million people.”

He said the business forum will give an impetus to the development of relations between the two countries' entrepreneurs, highlighting the government`s measures to improve business and investment climate in the country.

Diplomatic relations between Azerbaijan and Monaco were established in 2007.

The trade turnover between Azerbaijan and Monaco reached $41,970 in January-September 2016, which entirely accounted for the import of goods from Monaco.