Turnover with France increases by half

11 July 2019 17:17 (UTC+04:00)

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By Mirsaid Ibrahimzade

Broadening cooperation between Azerbaijan and France leads to beneficial outcome and has positive impact on the development of both countries.

Taking into account that France is one of the most influential countries of the European Union, further expansion of cooperation with France is beneficial for Azerbaijan.

Azerbaijani-French business forum was held in Baku on July 11.

Speaking at the event, Shahin Mustafayev, Minister of Economy, stated the necessity of diversification of mutual investments with France in order to increase investments in the non-oil sector.

“France has invested $2.2 billion in the economy of Azerbaijan, while Azerbaijan’s investments in France amounted to $2.6 billion. French companies are actively operating in Azerbaijan. Now their number is 45,” he noted.

Mustafayev added that these companies are contractors in 34 state-funded projects in Azerbaijan with a total value of $6.2 billion.

He noted that the trade turnover between Azerbaijan and France in the first 5 months of this year increased by 53 percent compared with the same period last year, and that 62.4 percent of France’s trade turnover with South Caucasus countries accounts for Azerbaijan.

It is noteworthy that the trade turnover between the two countries amounted to $624.72 million in 2018.

Speaking at the business forum, Mustafayev noted the potential for further cooperation between the two countries in the fields of transport and logistics, agriculture and humanitarian issues.

Currently, Baku French Lyceum, the foundation of which was laid with the participation of the Presidents of Azerbaijan and France, and the French-Azerbaijani University, also established on the initiative of the two countries’ presidents, operate in Baku.

Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1