Azerbaijan, Algeria eye to increase export, investment potential

By Ayya Lmahamad

Azerbaijan’s Export and Investment Promotion Foundation Head Yusif Abdullayev and Algerian Ambassador Salima Abdelhak have held a business meeting dedicated to increasing the Azerbaijani-Algerian mutual export and investment potential. 

During the meeting, the parties discussed the possibilities of establishing cooperation with the Algerian National Agency for the Promotion of Foreign Trade.

Moreover, the parties exchanged views on the development of relations in various economic spheres, including the export of non-oil products and the expansion of mutual investment cooperation.

Abdullayev briefed on AZPROMO’s activities, development of Azerbaijan’s non-oil sector, the continuous improvement of business environment and expansion of exports. In addition, he noted the work done to promote the “Made in Azerbaijan” brand and attract foreign investments.

In turn, the ambassador shared a vision on economic partnership development, stressing the importance of business meetings in this area.

It should be noted that the trade turnover between Azerbaijan and Algeria amounted to $897,080 in January-May 2021. In addition, the trade turnover between the two countries amounted to $1.3 million in 2020.

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) is a joint public-private initiative, established by the Azerbaijani Economy Ministry in 2003 with the aim to contribute to economic development through attracting foreign investments and stimulating exports in the non-oil sector.