Azernews.Az

By Aynur Jafarova

The 3^rd meeting of Azerbaijani-Italian intergovernmental commission on economic cooperation was held in Baku on December 16.

Addressing the event, Azerbaijan's Energy Minister Natig Aliyev said Italy's interest in Azerbaijan has recently increased.

Aliyev, also the co-chair of the commission, went on to note that currently famous Italian companies are operating in Azerbaijan.

Azerbaijan's Deputy Economy and Industry Minister Niyazi Safarov also said that Rome is Baku's number one trade partner.

"Azerbaijan is also interested in the development of bilateral relations and will do its best for it," he said.

Italian Deputy Foreign Minister Marta Dassu, for his part, said Italy is going to improve financial cooperation with Azerbaijan.

She also stressed that business relations should be enhanced.

"A special agency has been established under Italy's Finance Ministry to regulate and improve the activity of Italian companies in other countries. The agency has allocated 350 billion euros for financial support to these companies. We think that a joint website should be established to enhance the economic relations between the two countries," she said.

Azerbaijan's energy minister approved the initiative and advised to include it in the final protocol of the meeting.

At the end of the meeting, Aliyev and Dassu signed the protocol of Azerbaijan-Italy intergovernmental commission. The protocol covers implementation of the protocol of the 2nd meeting of the 2^nd commission, as well as boosting cooperation in various fields such as trade, investment, economy, energy, health, agriculture, education, transport, labor market, social protection, and culture.

The meeting was followed by a press conference. Dassu told journalists that the signing of a document on investment at the second phase of Azerbaijan's giant Shah Deniz gas condensate field's development project will ensure Europe's energy security.

The signing ceremony is expected to take place in Baku on December 17.

Dassu also referred to Azerbaijan's significant role in ensuring the energy security for the whole Europe. Italian deputy foreign minister further said Italy is also interested in the development of cooperation with Azerbaijan in the non-energy sector.

Aliyev, in turn, said the implementation of the Shah Deniz Stage 2 project will open the door to Europe for Azerbaijani gas. He said by implementation of the project Baku will find an opportunity to exports the gas produced in other fields, including Absheron, Umid, Babek and Nakhchivan to the European markets, as well.

"The implementation of this project envisages creation of new infrastructures, applying new technologies, and creation of new working places, all of which will ensure a more bright future for Azerbaijan," the minister said.

Aliyev went on to say the level of relations between Azerbaijan and Italy allows inking an agreement on strategic partnership.

"Currently, Azerbaijani Foreign Ministry is working on the document," he noted.

"Italy is a consumer of the majority of Azerbaijani oil, and accordingly, is one of the main trade-economic partners of the country," he explained.

The cooperation between the two countries in the energy sector will further strengthen by the implementation of the South Gas Corridor, where two Italian companies will act as consumers of Azerbaijani gas.

Aliyev also said Azerbaijan and Italy has huge potential for cooperation in the social and transport sectors. He added that cooperation in the small and medium businesses will be favorable for Azerbaijan to develop the non-oil sector of the country.

Italy remains the largest importer of Azerbaijani goods. Almost a quarter of Azerbaijan's exports went to Italy in the period of time from January to July 2013. The figure stood at 22 percent in the same period previous year. Currently, 45 Italian companies operate in Azerbaijan in insurance, banking, trade, and other areas.