Azerbaijan, Ukraine set to boost economic ties amid increased trade turnover

18 December 2019 12:10 (UTC+04:00)

By Rasana Gasimova

The trade turnover between Azerbaijan and Ukraine increased by 15.5 year year-on-year in January-October to exceed $712 million and the two countries are taking measures to expand and diversify the bilateral trade ties, Azerbaijani Economy Minister Mikail Jabbarov has said.

Minister Mikail Jabbarov made the remark following the Azerbaijan-Ukraine business forum held in Baku on 17 December on the sidelines of Ukrainian President Volodymyr Zelensky’s visit to Baku.

Speaking about the economic and trade cooperation between Azerbaijan and Ukraine, Jabbarov said that participation Ilham Aliyev and Volodymyr Zelensky in the Azerbaijan-Ukraine business forum is an indicator of the highest level of support for the development of bilateral relations. He noted that the existing strategic partnership between Azerbaijan and Ukraine determines the prospects of economic relations.

He noted that trade is one of the main directions of mutual cooperation and hailed a positive trend in this sphere.

Jabbarov went on saying that in order to develop economic and trade relations, Azerbaijan Trade House was opened in 2018 in Kyiv and Ukrainian Trade House was opened in Baku today. This efficient mechanism provides additional opportunities for expanding contacts between business circles, he added.

Speaking about investment cooperation between the two countries, Jabbarov said that companies with Ukrainian capital successfully operate in industry, construction, trade, agriculture, transport, services and other areas of Azerbaijani economy

He expressed satisfaction with the activities of Azerbaijani companies in Ukraine and emphasized that these companies will continue receiving comprehensive support for their economic activity. He noted that joint business forums and meetings contribute to new business opportunities and the growth of trade.

Jabbarov said that Azerbaijan is open for investments and provided information on reforms, favorable business and investment climate.

Ukrainian Minister of Infrastructure Vladyslav Krykliy spoke about expanding economic cooperation, noting that the measures being taken in this area, as well as the opening of the Ukrainian Trade House in Azerbaijan, opened new opportunities for economic and trade relations.

He also highlighted potential for cooperation in various sectors of economy, including transport, ICT, tourism and other areas.

President of the Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev and President of the Ukrainian Chamber of Commerce and Industry Gennadiy Chyzhykov provided information about the business and investment climate of Azerbaijan and Ukraine, respectively.

As part of the event, Ukraine’s Kherson Regional State Administration and a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR) - SOCAR Ukraine signed a Memorandum of Understanding.

The Azerbaijan-Ukraine business forum was attended by Azerbaijani and Ukrainian entrepreneurs engaged in industry, mechanical engineering, agriculture, construction, energy, transport and logistics, banking and medicine.


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