Trade turnover between Azerbaijan, Georgia hit $450 mln

By Leman Mammadova

Azerbaijan and Georgia maintain high-level relations in all spheres, especially in economic field. Two countries have already taken initiatives for global projects in the region together for a long time. Close bilateral ties play a key role in the development of regional cooperation.

Azerbaijani Economy Minister Shahin Mustafayev met with a delegation led by Georgian Finance Minister Ivane Matchavariani visiting Azerbaijan on November 17.

Speaking about the important role of foreign trade in cooperation with Georgia, which is a strategic partner of Azerbaijan, Shahin Mustafayev stressed the recent developments in economic relations.

"This year trade turnover between Azerbaijan and Georgia amounted to $ 450 million in January-September, while exports increased by 8 percent. In 1995-2018, Georgia invested $ 93.8 million in Azerbaijani economy and Azerbaijan invested $ 3 billion in Georgia. Since 2012, Azerbaijan is in the first place in terms of investments in Georgia. More than 300 Georgian companies registered in Azerbaijan, about 650 Azerbaijani investment companies, especially SOCAR, operate successfully in Georgia", he said.

He highlighted that the energy sector is one of the main directions of the bilateral cooperation, and emphasized that Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Erzurum, Southern Gas Corridor projects are very successful examples of this cooperation.

As regard to cooperation in the field of transport and transit, Mustafayev underlined the special importance of the Baku-Tbilisi-Kars railway, recalling the presentation of Trans-Caspian International Transport Corridor held in China earlier this year.

Speaking about the development of bilateral cooperation, the Georgian finance minister noted that with the participation of Azerbaijan and Georgia, another presentation on Trans-Caspian International Transport Corridor would be important from the point of view of promoting transport and transit potential of the region.

Matchavariani stressed Georgia’s interest in expanding cooperation with Azerbaijan in energy, transport, agriculture, tourism and other fields, and appreciated SOCAR's activity in Georgia.

During the meeting, organization of a business forum within the next meeting of the Joint Intergovernmental Commission on economic cooperation between Azerbaijan and Georgia was also discussed, as well as, other issues of mutual interest.

Bilateral diplomatic relations between Baku and Tbilisi are manifested in the various fields since 1992.

The two countries broadly cooperate in regional energy development, transportation and economic partnership projects such as Baku-Tbilisi-Ceyhan pipeline (BTC), Kars-Tbilisi-Baku railway (BTK), the TRACECA, and the BSEC.

Azerbaijan ranks fourth among Georgia's biggest trade partners, after Turkey, Russia and China.

Georgian exports to Azerbaijan include cement, locomotives and other railway vehicles, mineral and chemical fertilizers, mineral waters, strong drinks, glass and glass wares, and pharmaceuticals, among other things.

Azerbaijani mainly exports to Georgia oil and petroleum products, natural gas, electricity, plastic, cement, anhydrite and gypsum binders.

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