Azernews.Az

By Aynur Jafarova

Azerbaijani President Ilham Aliyev has officially welcomed Swiss President Didier Burkhalter, who is on an official visit to Baku.

A guard of honor was arranged for the distinguished guest in a square decorated with state flags of the two countries on June 2.

The state and government officials of Azerbaijan were introduced to President Burkhalter and the members of the Swiss delegation were introduced to President Aliyev.

Following the official welcoming ceremony, President Aliyev held a one-on-one meeting with his Swiss counterpart.

The sides expressed their satisfaction with the successful development of bilateral relations in the political, economic and other fields.

The sides also stressed the availability of good opportunities for the expansion of economic cooperation and mutual investment between the two countries.

Switzerland is one of the largest investors in the non-oil sector of Azerbaijan's fast-growing economy. Some 81 companies with Swiss capital are operating in service, industry, trade, construction, transport, communications, financing, and other fields in Azerbaijan.

So far, $70 million has been granted to Azerbaijan by the Swiss government. Switzerland invested $185.3 million in Azerbaijan's non-oil sector in 1995-2013.

The necessary legal framework was established between the two countries, and more than 20 bilateral documents were signed, including the promotion and reciprocal protection of investments, trade and economic cooperation, and the avoidance of double taxation.

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

The trade turnover between the two countries amounted to $47.82 million in January-April 2014.