AZPROMO opens representative office in Italy

Azerbaijan Export and Investment Promotion Foundation (AZPROMO) opened its representative office in Italy.

The newly created entity will be engaged in coordinating of communication between business people, the promotion of Azerbaijani products in the Italian market, and attracting Italian investment funds in the Azerbaijani economy.

AZPROMO is engaged in assisting and advising foreign-based companies interested in investigating and utilizing investment opportunities in Azerbaijan. Main objective of the company is to sustain economic growth and diversification by maximizing inflow of FDI and utilizing effectively export capacities.

The attraction of Italian investments as well as deeper economic cooperation between the countries was also discussed during the Azerbaijan-Italy business forum in Baku, February 23. The event was attended by representatives of up to 20 Italian companies.

Italy ranks as one of the main economic and trade partners of Azerbaijan. Italian investments in Azerbaijan’s economy amounted to nearly $500 million, with the lion’s share being directed to the oil sector. Since 2013, Azerbaijan has been Italy’s first crude supplier. The countries has recently expanded cooperation to nonoil sphere. In late 2016, Baku Steel Company and Danieli (Italy) inked an agreement on the construction of metallurgical complex in Sumgayit. The volume of investments in the complex is expected to exceed some $1.2 billion.

The trade turnover between Azerbaijan and Italy stood at almost $1.9 billion, with some 84 percent falling to a share of export of Azerbaijani production to Italy.