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Tuesday November 29 2022

Azerbaijan, Lithuania discuss energy, trade, investment cooperation

19 July 2022 17:01 (UTC+04:00)
Azerbaijan, Lithuania discuss energy, trade, investment cooperation

By Ayya Lmahamad

Azerbaijan and Lithuania have discussed cooperation in various sectors of the economy, Azernews reports.

The discussion took place during a meeting between Azerbaijan’s Deputy Economy Minister Sahib Mammadov and a delegation, headed by the Lithuanian-Azerbaijani inter-parliamentary relations working group of the Seimas of Lithuania Chairman, Kazys Starkevicius.

During the meeting, the parties emphasized the importance of expanding relations, noting the role of mutual official visits and meetings in the development of the partnership.

They noted that cooperation between the two countries is carried out in a number of areas, including energy, trade, mutual investment, information technology, education, and health, as well as in the framework of the Eastern Partnership initiative of the EU and Twinning projects.

Moreover, the parties stressed that there are ample opportunities for the expansion of economic relations in the scope of cooperation between Azerbaijan’s Export and Investment Promotion Agency, the Agency for Small and Medium-Sized Business Development with relevant organizations in Lithuania, organization of joint events, business forums, and meetings, transport, and transit, digital economy, and innovative development. They also added that there are opportunities for participation of Lithuanian companies in the restoration and reconstruction of Azerbaijan’s liberated territories, and in projects implemented in Alat Free Economic Zone and industrial parks.

Diplomatic relations between the two countries were established on November 20, 1995. The embassy of Azerbaijan in Lithuania was opened in September 2007, while the embassy of Lithuania in Azerbaijan was opened on April 3, 2007. The two countries have so far signed 39 documents. Azerbaijan is Lithuania's biggest trade partner in the Caucasus. The trade turnover between the two countries amounted to $42 million in 2021, and to $14.4 million in the first half of 2022.

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

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