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Czech bank ready to support business projects in Azerbaijan

25 September 2019 19:13 (UTC+04:00)
Czech bank ready to support business projects in Azerbaijan

By Rasana Gasimova

The Czech Republic is Azerbaijan’s fifth largest trade partner and the ninth largest foreign investor in the country’s economy.

The Czech Exim Bank and Export Guarantee and Insurance Corporation are ready to support high-quality and well-prepared business projects in Azerbaijan, Milan Eckert, the Ambassador of the Czech Republic to Baku told Trend.

“Last year, we completed a pilot project in Garavelli village of Shamakhi region that was aimed at raising public awareness about the efficient use of energy resources. As part of this project, our embassy, ​​with the support of various Czech companies, reconstructed a school in accordance with modern energy efficiency standards. This project that was fully funded by the Czech side, was proposed to the relevant authorities as a model for the reconstruction of similar schools located in Azerbaijan’s regions. The project was so successful that the Czech Exim Bank even offered a loan to the Azerbaijani government to finance the continuation of the project, if it is deemed necessary," Eckert said.

Talking about investments, the Ambassador noted that Czech companies invested more than $ 2.5 billion in Azerbaijan during the period from 2006 to 2018. He added that the investments were mainly aimed at modernizing the transport infrastructure.

“Azerbaijani investments in the Czech Republic are much more modest. Over the same period, investments from Azerbaijan to the Czech Republic reached $80 million and were directed mainly to the real estate sector and the hospitality industry, “Eckert added.

Czech companies operating in Azerbaijan are actively working to strengthen relations between the two countries.

Currently, there are 25 companies with Czech capital in Azerbaijan. The Czech Republic has invested $30 million in the economy of Azerbaijan. The Czech companies are contractors in eight state projects, the total value of which exceeds $2 billion.

Moreover, in late 2017, the management of Ganja Automobile Plant and representatives of the Czech Automobile Plant signed a memorandum, according to which, various Tatra trucks will be produced in Azerbaijan as of 2018.

The trade turnover between Azerbaijan and the Czech Republic amounted to $473 million in January-July 2018, $394.3 million of which fell on the export of Azerbaijani products to the Czech Republic.

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