Azernews.Az

By Nigar Orujova

Switzerland will allocate 29 million Swiss francs (about $30.6 million) to Azerbaijan in the next four years to implement various projects, the Swiss embassy in Azerbaijan said on July 16.

Switzerland's investments will be directed to three different areas. One of them is economic development and employment, and most of the funds will be spent for this purpose. A special emphasis will be on the development of the market.

Another area the investments will be channeled to is governance and public services to provide assistance to the local self-government bodies.

The funds will also be designated for defense and human security.

The other two South Caucasus countries, Georgia and Armenia, will also receive Swiss investments. Armenia will receive the same amount, while 41 million Swiss francs (about $43 million) will be allocated to Georgia.

In April Azerbaijani Economic Development Minister Shahin Mustafayev said that Swiss companies have invested $87.7 million in the non-oil sector of Azerbaijan.

Switzerland is one of the largest investors in the non-oil sector of the fast-growing Azerbaijani economy. More than 70 companies with Swiss capital are registered in the country.

Azerbaijani companies are also interested in the Swiss economy. Azerbaijan's state energy company SOCAR has invested 380 million Swiss francs ($322.3 million), and a representative office of the company is operating in Switzerland.

Azerbaijani-Swiss economic relations are successfully developing and expanding. Currenty, there is legal framework for expansion of cooperation, which opens up vast opportunities for further development of trade.