Business ties significant for U.S.-Azerbaijan cooperation
By Nigar Orujova
Using the existing potential to enhance economic relations between the US and Azerbaijan is important, Senior Commercial Officer at the U.S. embassy in Turkey said.
Michael Lally made the remarks at the U.S.-Azerbaijan business forum on November 25.
The forum was organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) with the support of the Economy and Industry Ministry.
The forum was attended by around 70 Azerbaijani and U.S. businessmen.
Representatives of U.S. companies operating in Turkey in chemical industry, health, alternative and renewable energy, ICT, logistics, and service sector attended the forum.
Lally pointed to the significance of ties between businessmen for the development of U.S.-Azerbaijan economic and commercial cooperation.
According to Lally, the U.S. has very successful economic cooperation with Turkey and would like to share this experience with Azerbaijan.
"Around 1,300 companies with American capital are operating in Turkey," Lally said. "Their activity covers both the energy and non-oil sectors, as well as many other areas. The trade turnover between our countries reached record highs twice -in 2011 and 2012. The U.S. is interested in developing cooperation with Azerbaijan based on its success with Turkey."
Thanking the forum organizers, Lally invited Azerbaijani businessmen to make a return visit to Turkey.
"We invite companies and entrepreneurs from Azerbaijan to visit Turkey in May 2014, where they will meet with representatives of 15-20 U.S. companies operating in this country, establish contacts, and discuss cooperation prospects."
Addressing the business forum, head of AZPROMO Rufat Mammadov noted that Azerbaijan-U.S. relations are based on mutual beneficial cooperation, and highlighted the importance of business forums and meetings in enhancing relations between the businessmen of the two countries.
Mammadov also gave information about the achievements gained due to the socio-economic policy in Azerbaijan, the business and investment environment, and ongoing large-scale projects in the country.
Azerbaijan is a favorable and attractive country for foreign investments, Mammadov said, calling US businessmen to active cooperation.
According to Mammadov, investments by U.S. stakeholders in the non-oil sector of Azerbaijan amounted to $880 million in the period of bilateral cooperation.
U.S. companies made presentations afterwards, and bilateral meetings were held between businessmen.
There are some 220 companies backed by U.S. investment operating in Azerbaijan.
According to the State Customs Committee (SCC) of Azerbaijan, trade turnover between Azerbaijan and the United States amounted to $1.19 billion in the first 11 months of 2013.
In this period, Azerbaijani products worth $311.52 million were exported to the U.S., while imports from the U.S. to Azerbaijan reached about $877.17 million.