Azernews.Az

By Nazrin Gadimova

Azerbaijani and Italian companies intend to create joint ventures to enter the markets of third countries, President of Azerbaijan's National Confederation of Entrepreneurs (ASK) said.

Mammad Musayev made the remarks on January 23 after a business meeting between Azerbaijani and Italian entrepreneurs.

The event brought together over 50 businessmen representing Azerbaijan's construction sector, tourism, furniture industry, retail, and wholesale trade and Italian representatives from MADE SpA Company specializing in construction, restoration, and design, the Beghelli group that produced lighting systems, home electronics, and security systems, as well as several other companies.

Opening the event, Mammad Musayev emphasized the important role of this meeting in the development of business relations between the two countries, adding that the Group MADE SpA company has 40 years of experience in the field of civil construction and industrial and commercial facilities, and is known worldwide for the rehabilitation and reconstruction of monuments with architectural features, as well as building roads, motorways, and hydraulic structures.

Speaking about fruitful cooperation with European countries, ASK president said Italy is one of the most successful partners of Azerbaijan.

"A clear example of the close cooperation between Azerbaijan and Italy is the fact that trade between the two countries exceeded $10 billion in 2013," he said. "I will also note that there are 45 companies with Italian capital operating in Azerbaijan."

The head of the National Confederation of Entrepreneurs also said the meeting is in the interests of both Italian and local businessmen.

"The tasks Azerbaijan's economy is facing means not only attracting investment into the country, but also looking for opportunities to invest in other countries," Mammadov said.

Speaking at the meeting, President of MADE SpA Giuseppe Massascusa said the company has been cooperating with Azerbaijan for a long time, adding that creating business relationships with ASK and close cooperation with Azerbaijani companies will contribute to the development of economic ties between the two countries.

A presentation by Business Consulting Ltd, which functions under the ASK and Italian Beghelli Group company, was also held at the event. It was noted that the Beghelli Group operates in the field of lighting, home electronics, security, and safety in industrial and residential facilities and the company's products are sold in 60 countries.

Bilateral meetings on the implementation of joint projects and expansion of trade relations were held afterwards.

Earlier, Baku hosted an Azerbaijani-Italian business forum, organized by the Italian Embassy in Azerbaijan, Azerbaijan Export and Investment Promotion Foundation (AZPROMO), and the Italian Trade Agency (ICE), in collaboration with the National Association of Builders (ANCE) and Federprogetti Association was held in Baku, as well as another Azerbaijani-Italian business meeting.

Moreover, an Azerbaijani-Italian tourism forum was held in Rome on November 18.

Italy recognized Azerbaijan's independence in January 1991. Diplomatic relations between the two countries were established in May 1992, and the legal framework for bilateral cooperation includes 30 documents.

Azerbaijan's State Customs Committee said Italy remains the largest importer of Azerbaijani goods. Almost a quarter of Azerbaijan's export fell to Italy in the first six months of 2013, compared to 22 percent in the same period in 2012. 45 Italian companies currently operate in Azerbaijan in insurance, banking, trade, and other areas.