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Azerbaijan to invest up to $2billion in Ukraine

2 March 2020 13:28 (UTC+04:00)
Azerbaijan to invest up to $2billion in Ukraine

By Ofeliya Afandiyeva

In 2020, Azerbaijan’s investments in Ukraine may amount to $1.5-2 billion, Azerbaijani Ambassador to Ukraine Azer Khudiyev has told Ukrainian media.

“We plan to raise the volume of investments to $1.5-2 billion and now we intend to do this through our two Trade Houses. They are successful platforms and ample economic opportunities, where business communities of Ukraine and Azerbaijan gather to discuss specific issues," Khudiyev said to the Ukrainian National News Agency Ukrinform.

The ambassador also noted that the Ukrainian partners have already reached agreement on the establishment of more joint ventures.

“We are planning to invest here. Therefore, I recently spoke with our Minister of Economics. He will visit Ukraine, Belarus and Moldova. The president gave an instruction to strengthen Azerbaijan’s economic positions in this region,” Khudiyev added.

According to the Ukrainian State Statistical Committee, import and export operations between Azerbaijan and Ukraine reached approximately $116 million in January, 2020.

Official figures suggest that exports from Azerbaijan to Ukraine amounted to $25.7 million, while imports reached $84.3 million in January of the current year.

Note that Ukraine is Azerbaijan`s second largest trade partner in the CIS after Russia. The trade turnover between two countries reached $808 million in 2019.

Azerbaijan Trade House was opened in April 2018 in Kyiv and Ukrainian Trade House was opened in Baku in December 2019.

Companies with Ukrainian capital successfully operate in industry, construction, trade, agriculture, transport, services and other areas of Azerbaijani economy. The two countries have potential for cooperation in various sectors of economy, including transport, ICT, tourism and other areas.

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