`Decline in oil price affected Azerbaijan-Switzerland economic links`

  10 March 2016    Read: 1149
`Decline in oil price affected Azerbaijan-Switzerland economic links`
Economic ties between Azerbaijan and Switzerland weakened in 2015 due to decline of crude oil price, Azerbaijani Minister of Economy Shahin Mustafayev said at the meeting of Azerbaijani-Swiss Joint Economic and Trade Commission.
According to him, however, the trade turnover on non-oil sector increased 38%.

“Today, 65 Swiss companies are operating in Azerbaijan. The Swiss companies have invested $220 mln in Azerbaijan so far. State Secretariat for Economic Affairs (SECO) has realized 30 projects worth $90 mln. Currently, 8 projects worth $15.17 mln are underway”, Mustafayev underlined.

Touching upon SOCAR’s activity in Switzerland, the minister noted that the company has invested 400 mln CHF (Swiss franc) in the economy of this country: “SOCAR has 148 filling-stations in Switzerland, 7% share in retail filling stations market, 8% in wholesale market and 25% in liquid gas market”.

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