Azernews.Az

Ulviyya Poladova

Read more

An event titled "Italy-Azerbaijan: Strengthening Economic and Industrial Cooperation" has been held under the auspices of the Confederation of Italian Industry (Confindustria), which brings together companies operating in Italy’s manufacturing and services sectors.

According to Azerbaijan’s Ministry of Economy, the opening session was attended by Azerbaijani Economy Minister Mikayil Jabbarov; Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani; Minister of Enterprises and Made in Italy Adolfo Urso; Aurelio Regina, Confindustria’s presidential delegate for energy issues; other officials; and business representatives from both countries.

Speaking at the event, Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani emphasized the successful development of the strategic partnership between Italy and Azerbaijan. He noted that relations based on mutual trust provide a favorable foundation for expanding economic cooperation and highlighted the importance of promoting partnerships between business communities and advancing joint projects.

Azerbaijani Economy Minister Mikayil Jabbarov stressed that the strategic partnership between the two countries provides a solid basis for developing economic ties in new areas. He outlined Azerbaijan’s favorable investment climate, the opportunities available to investors in the Alat Free Economic Zone and industrial parks, and the country’s transport and logistics infrastructure. He also highlighted the importance of Azerbaijan’s connectivity with regional markets for manufacturing, processing and logistics projects.

The participants noted that economic diversification, increased productivity and the expansion of non-oil and gas exports are among Azerbaijan’s key development priorities. Significant opportunities exist to leverage Italy’s industrial technologies, equipment and engineering expertise in these areas, as well as to promote mutual investment.

Prospects for cooperation in applying artificial intelligence across various sectors of the economy, developing data centers and establishing high-performance computing infrastructure were also discussed. Participants received information about a planned data center project in the Alat Free Economic Zone and opportunities for cooperation with the Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM), operating under the Ministry of Economy, in technology and knowledge exchange, skills development and joint pilot projects.

The importance of combining Azerbaijan’s resource potential with Italy’s technological capabilities in critical raw materials, mining and metallurgy was emphasized. Opportunities for cooperation with AzerGold and companies in the aluminum and steel industries were discussed, including equipment supply, processing, recycling and production modernization.

The participants also discussed financing opportunities for projects involving Italian equipment and technologies through cooperation between the Azerbaijan Business Development Fund, operating under the Ministry of Economy, and Italy’s export credit insurance and guarantee agency, SACE. The importance of potential investment partnerships between Azerbaijan Investment Holding and Italy’s national development and investment institution, Cassa Depositi e Prestiti, in the industrial and infrastructure sectors was also highlighted.

Italian Minister of Enterprises and Made in Italy Adolfo Urso emphasized the development of business partnerships between Azerbaijan and Italy and opportunities to expand cooperation between companies from the two countries. He highlighted the importance of strengthening direct business ties and promoting joint initiatives in industry and investment, noting that exploring new areas of cooperation could contribute to mutually beneficial partnerships.

During the event, Azerbaijani companies presented potential joint projects and areas of cooperation to their Italian counterparts. Business-to-business (B2B) meetings were also held between representatives of the two countries.

At the conclusion of the event, a Joint Declaration on Strategic Cooperation in the Field of Critical Raw Materials was signed between Azerbaijan’s Ministry of Economy, Italy’s Ministry of Foreign Affairs and International Cooperation, and Italy’s Ministry of Enterprises and Made in Italy.

The document aims to expand and diversify industrial partnerships between the two countries by combining Azerbaijan’s resource potential with Italy’s technological expertise.

The Joint Declaration covers industrial and technological development, investment and business partnerships, regional supply chains and logistics, as well as dialogue and institutional cooperation on relevant policies. The partnership aims to expand processing capabilities, improve resource efficiency, establish sustainable supply chains and promote the production of higher value-added goods.