Investment from EU member states into the Azerbaijan economy currently exceeds 15 billion US dollars, it was revealed this week. According to the Azerbaijani Minister of Economy, Shahin Mustafayev, the majority of investment has been in the fields of energy, transport, and trade. More than 1500 companies registered in EU member states currently operate in Azerbaijan.
Mr Mustafayev was speaking during the 15th meeting of the EU-Azerbaijan Parliamentary Cooperation Committee, and he added that an essential part of EU-Azerbaijan cooperation remains the energy sector, particularly since the commissioning of the Baku International Sea Trade Port in Alyat, which is set to open soon, facilitating new trade and expansion in the transport sector.
“The basis for success in attracting foreign investment, and modern technology, to the Azerbaijan oil and gas industry are legislative and arbitration procedures,” said Valeh Aleskerov, deputy chairman of the Milli Mejlis, the Azerbaijan parliament. According to Mr Aleskerov, a working group has already prepared a new Free Economic Zone project designed to boost investment further.
“Co-operation with the EU is one of the priorities for Azerbaijan. This has been on our country’s agenda since independence,” added Mahmud Mammadguliyev, Azerbaijan’s deputy foreign minister. According to him, negotiations with the EU have developed in a number of directions and include not only economic and energy cooperation but partnerships in the field of travel, visa facilitation and mobility.
During the meeting, all participants spoke of the importance of the Baku-Tbilisi-Kars railway, which opened last year and which expanded the Azerbaijan’s transport capacity. Azerbaijan is also an initiator and participant in the Southern Gas Corridor and Baku-Tbilisi-Ceyhan projects, both of which play an essential role in ensuring Europe’s energy security.
EU-Azerbaijan cooperation started on 1991. To date 3 EU -Azerbaijcan biznes forum was held. Next EU -Azerbaijcan biznes forum will be on june 5. Azerbaijan is important country for Europe’s energy security.
“Azerbaijan is an important partner for the European Union, whose independence, sovereignty and territorial integrity the EU supports. The EU is Azerbaijan’s single largest economic partner representing 48.6% of its total trade and providing the largest share of foreign direct investment”.
Azerbaijan has remained committed to the promotion of multiculturalism and religious tolerance. Longer-term stability, security and prosperity in Azerbaijan will also depend on ensuring respect for human rights and fundamental freedoms, where significant challenges remain including on freedom of expression and association and space for civil society to operate.
We see Azerbaijan’s efforts to enhance its resilience, in particular to diversify its economy, and we stand ready to support the emergence of new economic and social actors to help create a diverse, strong and inclusive society in Azerbaijan.
Azerbaijan cooperates with EU succesfully. Azerbaijan and EU relations are in high level.
It can be hoped that these partnership will impact the developing of Azerbaijan.
Azerbaijan attaches importance to the EU. Because Azerbaijan is a state that will give importance to both political and commercial relations
Azerbaijan is key partner and neighbour country for EU. And EU acknowledges that and vigorously cooperates with Azerbaijan.
Sea Port will boost and further develop the relations between Azerbaijan and EU. Cooperation btw EU and Azerbaijan will be in the next level through those projects.
Co-operation withAzerbaijan is one of the priorities for EU as well. Azerbaijan always played key role in energy diversification of energy route for entire EU.
The European Union is the largest investor in Azerbaijan. Over the past 10 years, EU member countries have invested more than $ 20 billion in the economy of Azerbaijan. Azerbaijan is also the largest trade partner of the EU among the countries of the South Caucasus, 46% of the trade turnover of Azerbaijan falls on the countries of the European Union