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Swiss investments in Azerbaijan concentrated in non-oil sector – Swiss ministry

19 May 2021 11:11 (UTC+04:00)
Swiss investments in Azerbaijan concentrated in non-oil sector – Swiss ministry

By Trend

Swiss investments in Azerbaijan are so far focused on the non-oil sector, the Federal Department of Economic Affairs of the Education and Research of Switzerland told Trend.

"The decision on doing business with Azerbaijani companies and making investments in Azerbaijan lies with the Swiss private sector," said the department.

As for economic cooperation and development, State Secretariat for Economic Affairs (SECO) focuses on private sector development and macroeconomic support with Azerbaijan, said the department.

The message said that in 2020, SECO approved the extension of a program worth $1.6 million in the area of taxes. It focuses on enhancing the taxpayer registry and the risk management framework as well as addressing the informal economy in Azerbaijan.

"Taking into account the socio-economic consequences of the current pandemic, the program also includes short-term activities to support the State Tax Service. SECO Economic Cooperation and Development will continue to be engaged in Azerbaijan and future interventions will be aligned with the international cooperation strategy 2021-2024," the department said.

As earlier Muriel Peneveyre, Ambassador of Switzerland to Azerbaijan and Turkmenistan told Trend, Switzerland sees potential in strengthening its ties with Azerbaijan in the field of energy.

Peneveyre noted that this in particular applies to energy efficiency and renewable energy sources.

"Switzerland has many providers of innovative energy technologies. As the energy transition advances in Switzerland and many countries, these companies see growing opportunities in markets offering attractive investment conditions," she said.


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