Azerbaijan reveals priorities of co-op with Czech Republic - UPDATED

  12 September 2018    Read: 766
Azerbaijan reveals priorities of co-op with Czech Republic - UPDATED

Azerbaijan and the Czech Republic have great potential for developing relations in many areas, Azerbaijan’s Economy Minister Shahin Mustafayev said at the Azerbaijani-Czech business forum in Baku Sept. 12.

“There is great potential between our countries for developing relations in finance, industry, engineering and chemical industry,” Mustafayev said.

The minister noted the planned cooperation between Ganja Automobile Plant and the Tatra company, and also emphasized the development of relations in the field of pharmaceuticals.

“Last year, the Ganja Automobile Plant signed a memorandum of cooperation with Tatra company, and this memorandum involves the assembly of Tatra trucks,” he said. “I think that production will be launched within the next two years. I would also like to note the participation of Czech companies in the development of the transport system of Azerbaijan. There are also great opportunities in the field of construction of railway cars, in particular, boxcars, production of railway containers.”

Mustafayev stressed that both countries are interested in increasing the value of mutual investments.

“So far, the investments of the Czech Republic in Azerbaijan have amounted to $30 million, and Azerbaijan’s investments in the Czech Republic are slightly higher than this figure,” the minister said. “There are 25 Czech companies operating in Azerbaijan. Czech companies are contractors in eight projects totaling more than $2 billion. Of course, these indicators are far from our capabilities, and we need to continue to build up mutual investments.”

Azerbaijan’s trade turnover with the Czech Republic amounted to $473 million in January-July, and almost $394.3 million of this volume accounted for the export of Azerbaijani products to the Czech Republic, according to the State Customs Committee of Azerbaijan.

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Azerbaijan main trade partner of Czech Republic in S.Caucasus - minister

Azerbaijan is the main trade partner of the Czech Republic among the countries of the South Caucasus, Azerbaijan’s Economy Minister Shahin Mustafayev told reporters in Baku Sept. 12.

He said that Azerbaijan's share accounts for 85 percent of the Czech Republic’s trade with the countries of the South Caucasus.

“In the end of 2017, our trade turnover with the Czech Republic more than doubled, compared to the end of 2016,” the minister said. “It is gratifying that the positive dynamics continue this year as well. Thus, in the first half of this year, trade turnover with the Czech Republic increased again by almost two times compared to the same period last year.”

Azerbaijan’s trade turnover with the Czech Republic amounted to $473 million in January-July, and almost $394.3 million of this volume accounted for the export of Azerbaijani products to the Czech Republic, according to the State Customs Committee of Azerbaijan.

In 2017, the trade turnover between the two countries amounted to $664.5 million, and in 2016 - to $316.3 million. Azerbaijan’s exports to the Czech Republic last year amounted to $556.86 million [a 2.6 times year-on-year increase].


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