According to him, Azerbaijan enjoys a significant trade surplus with Austria due to its exports of oil, which comprise over 90% of exports: “This economic data illustrates the high dependency of Azerbaijan on one export commodity. This dependence has increased Azerbaijan`s vulnerability in times of crises, as 50% of GNP and 97% of exports stem from the oil and gas sector. Austria appreciates that Azerbaijan, under the leadership of President Aliyev, is trying to introduce reforms and diversify its economy. This is a difficult and long-term process, especially as most countries in the region are facing similar problems. Austria is ready to work together with Azerbaijan to improve and diversify economy. Many Austrian companies are engaged in the planning, architecture, and construction business. As a supplier of high-quality machinery in the field of oil and gas, Austria has contributed to the technological development of Azerbaijan. This is also true for the pharmaceutical sector, which is an important Austrian export to Azerbaijan. Furthermore, there is ongoing cooperation in the field of education. The strengthening of university and academic cooperation in the technological field would therefore be beneficial.

The President added that bilateral trade has increased nearly tenfold in the last 10 years: “In 1H2015, Austria was Azerbaijan`s fifth most important import partner. In 2010, the Austrian Federal Economic Chamber opened an office in Baku, with the aim of contributing to the development and expansion of bilateral trade relations. Last year, two business missions with more than 30 Austrian companies from various industrial sectors were organized. In addition, the office of the Austrian Federal Economic Chamber supported the activities of individual businesses and entrepreneurs.”

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