By Ayya Lmahamad
Azerbaijani Investment Company and Israeli OurCrowd investment platform have signed a memorandum of understanding, Azerbaijan's Economy Minister Mikayil Jabbarov wrote on his official Twitter page on July 29.
The minister noted that the signed memorandum envisages attracting investments in startup projects and exchange of the best practices with leading Israeli companies.
"The new area of cooperation will contribute to the establishment of an innovative ecosystem in our country," Jabbarov wrote.
It should be noted that Azerbaijan’s Economy Minister Mikayil Jabbarov is on an official visit in Israel. As part of the visit, the minister met with Israeli Construction and Housing Minister Ze’ev Elkin and Foreign Minister Yair Lapid to discuss the current state and prospects of strengthening bilateral cooperation.
Additionally, the minister attended the opening ceremony of the first Azerbaijani Trade and Tourism Representative Office in Israel.
Azerbaijan and Israel have been expanding bilateral cooperation over the years.
Israel was among the first countries to voice support to Azerbaijan over its just position and its territorial integrity during the 44-day Second Karabakh War. In January, Azerbaijan expressed its willingness to involve Israel in the restoration of the country’s newly-liberated territories. Thus, Israel will build a buffalo farm in Azerbaijan’s liberated Zangilan region.
The volume of bilateral trade reached $337.2 million in the first half of 2021. In addition, the trade turnover between the two countries amounted to $465.7 million in 2020. Azerbaijani oil makes up a significant share of Israel’s oil imports with the country providing for Israel’s energy security.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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