Azernews.Az

Azerbaijan’s trade turnover with Bulgaria grew more than four times in the first eight months of 2011 compared to the same period of 2010, Economic Development Minister Shahin Mustafayev said at a joint business forum in Baku on Thursday.

He said that export transactions quintupled, while imports grew 52 percent.

Mustafayev said Azerbaijan mostly exports oil and oil products to Bulgaria, while imports goods including timber and electrical appliances.

"The two countries have vast potential for cooperation in fields such as construction, use of alternative energy sources, textile and food industries, as well as transport," Mustafayev said.

The minister called for active participation of businessmen in establishing bilateral ties.

"A reliable legal basis has been established for further development of Azerbaijan-Bulgaria cooperation. The two countries have signed more than a dozen economic agreements. The trade agreement is among the most important ones," Mustafayev said.

Bilateral trade grew by 9 percent in 2010 compared to 2009.

Bulgarian Economy and Energy Minister Traicho Traikov said Bulgaria is among the most convenient platforms for expanding into European markets.

"We have low tax rates and simple regulations. Bulgaria is a good correlation of quality and price to do business in the country," Traikov said.

About 80 businessmen working in industry, tourism, construction, finance and other fields attended the forum.