Strengthening economic and trade ties between EU and Azerbaijan

Over 500 representatives of business and government attended the EU-Azerbaijan Business Forum in Baku on 8 June.

The forum was organised by the EU Delegation to Azerbaijan, in cooperation with the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the German-Azerbaijani Chamber of Commerce.

It aimed at increasing networking and contacts between EU and Azerbaijan companies, and analysing the current business climate with Azerbaijan Government representatives.

EU biggest investor in Azerbaijan

Head of the EU Delegation to Azerbaijan, Ambassador Malena Mård, said: "The EU accounts for close to 50% of Azerbaijan's total foreign trade and is the biggest investor in Azerbaijan, both in the oil and non-oil sector.

“The EU-Azerbaijan Business Forum provided an excellent platform to discuss how to further facilitate and increase trade and investment opportunities between EU and Azerbaijan."

The forum assessed economic reforms undertaken by the government to diversify the national economy and thus lessen the impact of volatile oil and gas prices.

Progress of economic reforms

Key issues, raised by speakers from the Economy Ministry, local authorities, the Center for Analysis of Economic Reform, and in panel sessions, included:

  • Progress of economic reforms
  • Ecological problems associated with economic development
  • Expansion of the digital economy
  • Development of the Green Corridor and e-customs services
  • Continued investment in infrastructure, and
  • Growth in agriculture and food exports.

Participants also discussed the results of the 2nd EU Business Climate Report conducted among 100 EU companies operating in Azerbaijan in 2017.