Trade turnover with Switzerland jumps by 82pct

TAzerbaijani Economy Minister Shahin Mustafayev said during the Azerbaijani-Swiss business forum held in Baku on July 9, adding that Azerbaijan has increased its exports to Switzerland by 42 percent during the reporting period.

He went on to say that to date, Switzerland has invested $730 million in the economy of Azerbaijan, further noting there are over 70 companies with Swiss capital in the country.

The minister mentioned that Azerbaijan’s non-oil exports to Switzerland are also gradually increasing. In general, Switzerland occupies one of the leading places in the non-oil export of Azerbaijan.

“Investment cooperation is actively developing between the two countries, which is also confirmed by the volume of Azerbaijani investments in the Swiss economy, which reached $1.2 billion, most of which comes from investments of the Azerbaijan’s energy giant SOCAR,” Mustafayev underlined.

Switzerland recognized Azerbaijan as an independent state on 23 December 1991. Diplomatic relations between the two states were established on 21 January 1992.

Relations between Switzerland and Azerbaijan are characterized by open dialogue and are based on several key areas including energy policy, cooperation in the international financial institutions and development cooperation.

Azerbaijan is Switzerland’s main trading partner in the South Caucasus. Switzerland mainly exports jewellery products (precious stones, precious metals), machinery, watches, and pharmaceuticals to Azerbaijan.

Several Swiss companies are implementing their activities in Azerbaijan. A Swiss company is involved in the construction of the Trans Adriatic Pipeline (TAP), a project that will transport Azerbaijani natural gas to Italy via Georgia, Turkey, Greece and Albania by the end of the decade.

The Azerbaijani state-owned energy company SOCAR operates in Switzerland. On 1 July 2012, SOCAR Energy took over the ESSO Switzerland network of 160 petrol stations, which it operates under the SOCAR brand.

The trade turnover between the countries amounted to $240 million in first five months of the year, an increase of 46 percent compared to the indicator of 2016.

Azerbaijani Economy Minister, co-chairman of the AzerbaijaniRussian intergovernmental commission Shahin Mustafayev made the remarks at a meeting with the Russian Ambassador to Azerbaijan Mikhail Bocharnikov on July 7.

The minister congratulated the diplomat on his appointment as ambassador to Azerbaijan and stressed that the Azerbaijani-Russian relations are at the level of strategic cooperation, the country attaches great importance to cooperation with Russia.

Opening of the “Azerbaijan Business Center” in Astrakhan was an important step in expanding ties between the entrepreneurs of the two countries, according to the minister.

The minister noted that relations between the countries are developing not only in the sphere of economy, but also in the sphere of energy, agriculture, trade, pharmaceuticals, tourism, etc, adding that there is a huge potential between the countries for further development of relations and expansion of cooperation.

Noting the role of the Azerbaijani-Russian intergovernmental commission in expanding bilateral relations, Shahin Mustafayev recalled that the 17th meeting of the intergovernmental commission is scheduled for the end of this year.

The Ambassador, in turn, expressed satisfaction with his appointment to this post and noted that he will spare no effort to develop relations between the two countries in all spheres of cooperation.

The sides exchanged views on the prospects for expanding economic ties and discussed some aspects of the organization of the 9th Azerbaijan-Russia Interregional Forum to be held in Ganja this September.

Azerbaijan is one of the main economic partners of Russia among the CIS countries. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover.

Azerbaijan’s first trade representative was appointed to Russia.

Trade representative’s main mission is to take measures to expand Azerbaijan's economic and trade relations with Russia, protect economic interests of Azerbaijan, increase export of Azerbaijani goods and services, promote Azerbaijan’s business environment and investment opportunities.

Azerbaijan seeks to open Trade House in Russia’s Arkhangelsk region as well.

Currently, about 760 Russian companies are implementing their activities in Azerbaijan. Azerbaijan has invested more than $1 billion in the Russian economy, and Russia, in turn, about $4 billion in the Azerbaijani economy.

Azerbaijan’s trade turnover with Russia amounted to $2.14 billion in 2017, about $1.5 billion of which accounted for the import of Russian products to Azerbaijan, according to the State Customs Committee of Azerbaijan.