US stakeholders invest $880 million in Azerbaijan’s non-oil sector
By Nigar Orujova
Investments by U.S. stakeholders in the non-oil sector of Azerbaijan amounted to $880 million in the period of bilateral cooperation, the head of the Azerbaijan Export and Investment Promotion Fund (AZPROMO) Rufat Mammadov said on the eve of the Azerbaijan-US business forum in Baku on November 25.
Representatives of major American companies have arrived for the business forum organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) with the support of the Economy and Industry Ministry and a trade mission of USA companies operating in Turkey.
With 220 companies backed by U.S. investment operating in Azerbaijan according to Mammadov, the forum is aimed at further augmentation of economic cooperation.
"It is about an increase in trade and development of investment cooperation. The event is being attended by more than 70 entrepreneurs from both countries. In general, the forum will discuss the potential for cooperation in various fields- such as energy, the chemical industry, household appliances and other areas," Mammadov stressed.
According to the State Customs Committee (SCC) of Azerbaijan, in January to October of 2013, trade turnover between Azerbaijan and the United States amounted to $1.19 billion.
In this period, Azerbaijani products worth $311.52 million were exported to the U.S., while imports from the U.S. into Azerbaijan amounted to about $877.17 million.