Azerbaijan, Israel trade turnover up by 23.5pct

18 August 2021 14:58 (UTC+04:00)

By Ayya Lmahamad

The trade turnover between Azerbaijan and Israel increased by $111.9 million or 23.5 pct during the first seven months of 2021, the State Statistics Committee has reported.

During the reported period, the trade turnover between the two countries amounted to $475.9 million. Of the total turnover, exports of Azerbaijani products to Israel amounted to $460.5 million, while imports from Israel to $15.4 million.

It should be noted that the trade turnover between Azerbaijan and Israel amounted to $363.9 million, during the corresponding period of 2020, with exports amounting to $352.2 million and imports to $11.7 million.

Azerbaijan and Israel have been expanding bilateral cooperation over the years. It should be noted that the cooperation between Azerbaijan and Israel is based not only on economic partnership but also on traditional historical, cultural roots and mutual respect and trust. In addition, Israel was one of the first countries to recognize the state independence of Azerbaijan and to establish diplomatic relations.

Moreover, Israel was among the first countries to voice support to Azerbaijan over its just position and its territorial integrity during the 44-day Second Karabakh War. In January, Azerbaijan expressed its willingness to involve Israel in the restoration of the country’s newly-liberated territories. Thus, Israel will build a buffalo farm in Azerbaijan’s liberated Zangilan region.

Meanwhile, last month Azerbaijan opened its first Trade and Tourism Representative Office in Israel. In addition, Azerbaijani Investment Company and the Israeli OurCrowd investment platform have signed a memorandum of understanding during the official visit of Azerbaijan’s Economy Minister Mikayil Jabbarov to Israel in July.

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

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