U.S. business delegation discusses prospects of cooperation

As many as 17 companies from the U.S. gathered in Baku on October 16 to attend the Azerbaijan-U.S. business forum.

The U.S. business delegation specialized in construction, ICT, finance, agricultural technologies, payment and security systems, car rental, logistics, dairy products, and other sectors of industry explored opporttunities for broader cooperation.

Azerbaijani Deputy Minister of Economy Sahil Babayev addressing the event said that the U.S. companies earned $17 billion from investments made in Azerbaijan, which once again testifies that Azerbaijan retains its investment attractiveness.

"To date, the U.S. investments made in the Azerbaijani economy amount to $12.7 billion, of which $1 billion was invested in the non-oil sector of the country’s economy,” he added. “Azerbaijan's investments in the U.S. amounting to $3 billion, of which mainly investments of Azerbaijan’s state oil fund SOFAZ, are also increasing.”

This year saw an increase in the trade turnover between Azerbaijan and the U.S.

"The trade turnover between Azerbaijan and the U.S. reached $416 million in January to August 2017, which is by 7 percent more than in the same period of 2016,” he said. “Of course, this figure does not fully correspond to our potential opportunities and the trade turnover can grow."

Babayev also made a statement on the possibility of opening a trade house in the U.S., but the decision is yet to be made.

“Everything depends on the volume and dynamics of our trade turnover with the U.S. We continue to analyze the situation and will work on the establishment of Azerbaijan’s trade houses in those countries, with which the trade turnover is successfully expanding and demonstrating positive dynamics,” he said.

Babayev emphasized that at present opening of trade houses in neighboring countries is the priority for Azerbaijan.

"We have already opened a trade house in Belarus, we are planning to open a trade house in Ukraine in the coming days, and we have already appointed trade representatives to China, Russia, the UAE and Central Europe," the deputy minister said.