EU allocates 14.5M euro for SME development

The European Union has allocated 14.5 million euros to Azerbaijan as part of the program on the country’s regional development, the Azerbaijani Economy Ministry reported.

The agreement was signed during the meeting between Azerbaijan’s Economy Minister Shahin Mustafayev and EU Ambassador to Azerbaijan Malena Mard on December 9.

It envisages twinning and technical assistance, creation of an information system for business in rural area, improvement of support system for development of rural areas in the context of development of small and medium enterprises and family farming, introduction of consulting services system on agriculture, information support, enlightenment of consumers.

Mustafayev reminded that the EU is Azerbaijan’s main trade partner with a specific weight of 50 percent. Meanwhile, the EU countries account for 35 percent of non-oil investments.

The minister noted that Azerbaijan plays an important role in ensuring Europe’s energy security. As of today, 26 projects have been implemented in Azerbaijan as part of the cooperation with the EU and additional 11 projects are being implemented.

In turn, Mard noted the need for expansion of relations in other areas, besides the energy sector.

The ambassador added that she will continue her efforts for the development of the EU’s cooperation with Azerbaijan.

The share of European countries in Azerbaijan’s foreign trade was 37.12 percent in January-September 2016, according to Azerbaijan’s State Customs Committee.

Azerbaijan has become a country of direct priority to the EU’s strategy in its wider neighborhood since the last enlargement of the European Union in 2007. Azerbaijan affects Europe’s interests, mainly in a regional energy strategy.

Since then, the European Union has gradually expanded the scope of its assistance and cooperation with Azerbaijan and the Union has successfully implemented 48 twinning projects in Azerbaijan.

The European Council adopted a mandate for the European Commission and the high representative for foreign affairs and security policy to negotiate, on behalf of the EU and its member states, a comprehensive agreement with Azerbaijan on November 14.