Azernews.Az

By Aynur Jafarova

The relations between Azerbaijan and France will develop progressively in the future, Azerbaijani President Ilham Aliyev said at the Azerbaijani-French business forum on May 12.

The business forum was held in Baku with participation of French President Francois Hollande, who visited Azerbaijan on May 11-12.

President Aliyev noted political and economic relations between the two countries will be stronger, adding that the negotiations held between the two countries, exchange of views, as well as sincere conversations help to increase the confidence.

"Undoubtedly, the French president's official visit to Azerbaijan is a very momentous event in the bilateral relations. This visit will give a very strong impetus to the development of relations," the Azerbaijani president said.

President Aliyev went on to note that the joint activity of the business structures and the development of trade relations will give a strong support to the overall development of the bilateral relations.

President Hollande, in turn, said Azerbaijan's development can be exemplary for the regional countries.

"First, I intended to discuss important political and other questions," Hollande said. "But at the same time, the perspectives and new areas of bilateral cooperation are one of the most important issues. We must determine such a strategy that would contribute to the permanent development of mutually beneficial cooperation."

French president also noted Azerbaijan's development is obvious.

"Azerbaijan has achieved great success," he said. "The country was able to attract investments in energy sector, as well as transport, construction, infrastructure development. This can serve as an example to the entire region and the world. We will try to make the sources of this development more effective and efficiently use oil and gas resources."

Hollande went on to stress that the trade relations between the two countries are at a high level.

"The foreign trade turnover between our countries has doubled for the past year," he said. "It is about four percent of the total volume of Azerbaijan's foreign trade. France is the seventh country supplying its products to Azerbaijan. I believe that we have already achieved the set goals, but we can make new achievements. France must increase the volumes of both exports to Azerbaijan and imports of Azerbaijani products, but not only through the energy sector."

Hollande believes it is important to determine the areas in which Azerbaijan and France can benefit most of all.

"Of course, I think that energy is one of these areas," the French president said.

In his remarks Azerbaijan's Economy and Industry Minister Shahin Mustafayev said the political and economic relations between Azerbaijan and France are developing progressively.

"The mutual visits of the heads of two states have played a special role in it. A total of 45 contracts and various documents have been signed between our countries - some 17 out of them are related to the economic cooperation," Mustafayev stressed.

He went on to add that France is also one of the most important trade partners of Azerbaijan.

"Last year the trade turnover between the two countries stood at $1.56 billion and over $370 million in the first quarter of 2014, while this figure has grown by over 50 percent compared to the same period of last year. Joint projects worth over $1 billion have also been implemented," he underscored.

Mustafayev also noted Azerbaijan and France are also cooperating in the investment sphere.

"France has invested about $2.4 billion in Azerbaijan's economy. The greatest part of these investments accounted for the oil sector," Mustafayev said, pointing out the role of the French Total and GDF Suez.

He also stressed some 91 companies from France are involved in the oil and gas projects in Azerbaijan as subcontractors.

Mustafayev also said a total of 200 million Euros was invested in the non-oil sector.

"As for the non-oil sector, France ranks only ninth in terms of the non-oil investments in Azerbaijan's economy, and there is a large unrealized potential in this area. At the same time, over 50 French companies are involved in the non-oil sectors' projects, worth about $1.8 billion - including the first Azerbaijani telecommunications satellite Azerspace, and a plant for solid waste recycling," the Azerbaijani minister stressed.

Later, Azerbaijan and France signed 11 documents at the business forum with the participation of the presidents of the two countries.