Ambassador: Switzerland invests over $850M in Azerbaijani economy

16 November 2018 11:11 (UTC+04:00)

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Switzerland has made investments worth $851.9 million IN Azerbaijan for 22 years, Azerbaijani Extraordinary and Plenipotentiary Ambassador to Switzerland and Liechtenstein Khanim Ibrahimova said in an interview with the Swiss swissinfo.ch.

Ibrahimova said that the amount of investments from Azerbaijan to Switzerland reached $1.1 million.

She stressed that 67 Swiss companies are operating in service sector, trade, construction, industry, transport, banking and insurance in Azerbaijan.

Speaking about the economic relations between the two countries, Ibrahimova stressed that a meeting of the joint economic commission is planned to be held in Bern in early 2019, as well as a business forum with the participation of entrepreneurs from both countries.

The countries closely cooperate in the financial sphere, the ambassador added.

For example, Azerbaijan is a member of the WB and IMF Election Group, led by Switzerland.

Ibrahimova stressed that as a result of recent success in the economic sphere, Azerbaijan has turned from a country receiving investments into an investing country.

"Several years ago, the Azerbaijani state oil company SOCAR entered the Swiss energy market by purchasing Esso filling stations owned by Exxon Mobil company in this country," she said, adding that presently, 172 filling stations under SOCAR brand are successfully operating in Switzerland thanks to big investments.

Speaking about the investments of Azerbaijani businessmen in Switzerland, the ambassador stressed that at the initial stage, the goal is to supply the products made in Azerbaijan to the Swiss market.

"Our businessmen must be more active to enter the Swiss market,” she added.

Ibrahimova added that in 2017 export of non-oil products from Azerbaijan to Switzerland amounted to $143 million, so Switzerland is the third biggest importer of non-oil products from Azerbaijan after Turkey and Russia.

According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and Switzerland amounted to $520.92 million in January-October 2018.

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