Azerbaijan and Italy are preparing a new agreement on mutual investment promotion.

This was announced on October 4 during the meeting of the Minister of Economy of Azerbaijan Shahin Mustafayev with the Ambassador Extraordinary and Plenipotentiary of Italy to Azerbaijan Augusto Massari, the Ministry of Economy said in a statement.

Mustafayev said that the cooperation between the two countries continues successfully.

According to him, the visits of President of Azerbaijan Ilham Aliyev to Italy, the visit of President of Italy Sergio Mattarella in Azerbaijan in July this year, as well as the visit of the First Vice President of Azerbaijan Mehriban Aliyeva to Italy in September, the meetings and negotiations held during these visits represented great significance for expanding the ties between the two countries.

The minister noted that 95 Italian companies, which participate in 41 contracting projects under interstate agreements, have been registered in Azerbaijan. It was stressed that Italy is the main trade partner of Azerbaijan and ranks first in terms of its share in the Azerbaijani exports.

It was also noted that at present, the work is underway on development of a draft new agreement on the promotion and protection of investments between Azerbaijan and Italy, a joint action plan providing for cooperation between the two countries in the fields of energy, infrastructure, logistics, railway, agro-industrial complex, petrochemical industry and other areas.

The Italian ambassador noted the success of mutual high-level visits. Massari also said the development of cooperation in the non-oil sector was discussed as well during these visits. Massari added that Italian companies are interested in implementing projects in Azerbaijan in various fields, he shared his opinion on expanding the cooperation.

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