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Italy Azerbaijan's top trade partner

27 March 2022 11:19 (UTC+04:00)
Italy Azerbaijan's top trade partner

By Ayya Lmahamad

Italy was Azerbaijan's top trade partner in January-February 2022, with a total trade turnover of $3.1 billion between the two countries, the State Customs Committee has reported.

The export of Azerbaijani products to Italy accounted for $3 billion of the total turnover, while imports from Italy accounted for $46 million.

It should be noted that the two countries' trade turnover was $4.5 billion in 2020, with Italy also being Azerbaijan's main trade partner.

Azerbaijan is a major supplier of energy to Italy. In Azerbaijan, over 100 Italian companies operating in various fields are registered. Furthermore, Italian firms have contracts worth more than € 10 billion ($11.8 billion) for Azerbaijani projects both inside and outside the country.

Azerbaijan's total investment in the Italian economy is estimated to be around € 1.7 billion ($2 billion), with Italy investing approximately € 770 million ($910.8 million) in Azerbaijan.

Furthermore, Italy was one of the first countries to express support for Azerbaijan's territorial integrity, as well as an interest in participating in restoration efforts in Azerbaijan's liberated territories. Thus, Italy and Israel have already begun work on a joint project to transform the liberated Zangilan region into a smart city.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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