Minister: Azerbaijan-Switzerland trade grows almost 9 times

  29 June 2019    Read: 841
  Minister: Azerbaijan-Switzerland trade grows almost 9 times

The trade turnover between Azerbaijan and Switzerland in January-May 2019 amounted to $881 million, which is 8.8 times more than during five months last year, Azerbaijani Economy Minister Shahin Mustafayev said at the eighth meeting of the Azerbaijani-Swiss intergovernmental commission in Bern, Trend reported.

The minister noted that in 2018, 52 percent of the Switzerland’s total trade turnover in the South Caucasus accounted for Azerbaijan.

“Thus, last year, the trade turnover between Azerbaijan and Switzerland amounted to $648 million, which is 2.7 times more than last year,” Mustafayev said.

He noted that Switzerland holds one of the leading places in the export of non-oil products of Azerbaijan.

Speaking about the economic relations between the two countries, the minister said that there is a great potential for cooperation in such areas as agriculture, pharmaceuticals, transit transport and tourism.

He added that in the first quarter of 2019, Azerbaijan’s GDP grew by 3 percent, non-oil GDP - by 1.7 percent and non-oil industry - by 16.1 percent.

“According to estimates, this year the country’s GDP will grow by 3.2 percent and non-oil GDP - by 3.4 percent,” the minister said.

Mustafayev also stressed that last year, $15.3 billion were invested in Azerbaijan’s economy, and $8.2 billion of them accounted for foreign investments. In general, since Azerbaijan gained independence, $263 billion were invested in the economy of the country, and more than 50 percent of them account for foreign investments.

In turn, Delegate of the Swiss Federal Council for Trade Agreements Erwin Bollinger noted that the relations between Azerbaijan and Switzerland are at the highest level.

Bollinger praised the reforms carried out in Azerbaijan and noted the successful activities of Swiss businessmen in Azerbaijan.

More about: Azerbaijan-Switzerland