EU investments in Azerbaijan hit $21.5bn in 2012-2021

12 July 2021 13:15 (UTC+04:00)

By Ayya Lmahamad

The European Union countries invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021, Economy Minister Mikayil Jabbarov said during the meeting with European Commissioner for Enlargement and Neighborhood Oliver Varhelyi.

Stressing that the EU is one of Azerbaijan’s main trade partners, Jabbarov noted that Azerbaijan’s trade turnover with the EU amounted to $9.3 billion last year, which is 38 percent of the country’s foreign trade.

Emphasizing that Azerbaijan attaches great importance to cooperation with the European Union, Jabbarov noted that cooperation with the EU is important in terms of applying international experience in the expansion and diversification of Azerbaijan’s economy.

Noting that the implementation of infrastructure and construction projects in the liberated territories is one of the main tasks, he stated that the new realities create great opportunities for investment. In addition, the minister invited EU member states to take an active part in these projects.

Energy Minister Parviz Shahbazov who was also attending the meeting, spoke about the energy partnership with the EU and projects of regional importance. He emphasized Azerbaijan’s role in the energy security of Europe and noted the cooperation possibilities in the green energy field.

In turn, Varhelyi noted the EU’s fruitful cooperation with Azerbaijan in a number of areas and shared his views on strengthening the partnership.

Furthermore, the parties exchanged views on cooperation in the reconstruction of Azerbaijan’s liberated lands, the development of small and medium-sized businesses, financial instruments offered by the EU and priority areas for investment.

The meeting was also attended by the Azerbaijani Ambassador to Belgium, head of the country’s delegation to the EU Fuad Iskandarov, and head of the EU delegation to Azerbaijan Kestutis Jankauskas.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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