Baku, Tbilisi eye trade, mutual investment expansion

By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov and Georgia's Economy and Sustainable Development Minister Natela Turnava have discussed the potential expansion of trade relations and mutual investment.

The discussion took place on the sidelines of the Azerbaijan-Turkey-Georgia business forum that kicked off in Baku on December 14.

During the meeting, Jabbarov noted that successful bilateral cooperation with Georgia is supported by numerous economic projects.

Stressing that Azerbaijan is interested in expanding cooperation with friendly Georgia, Jabbarov stated that relations are steadily developing. He noted that Georgia is contributing to regional cooperation by actively participating in energy and transport projects initiated by Azerbaijan.

The parties also stated that the bilateral trade relations are expanding, noting that the trade turnover grew by 33 percent in January-October 2021.

The economy minister expressed confidence that the sixth Azerbaijan-Georgia-Turkey trilateral business forum in Baku would be important for the development of the economic partnership.

Natela Turnova expressed satisfaction with her visit to Azerbaijan, shared her views on the development of trade and economic cooperation and stressed the importance of joint projects.

The parties also discussed the development of trade and economic relations, expansion of legal framework and other issues.

Azerbaijan and Georgia are cooperating in various fields of economy. Earlier this year, Azerbaijan and Georgia have signed several cooperation agreements within the framework of a meeting of the joint intergovernmental commission on economic cooperation. 

The trade turnover between the two countries increased by $170.2 million in January-October 2021. The volume of the turnover amounted to $586.3 million, with exports accounting for $513.2 million and imports for $73 million.

Azerbaijan was Georgia’s main bitumen supplier in 2020, accounting for 63.8 percent of this country's total imports of bitumen. At the same time, Azerbaijan was the largest diesel fuel supplier to Georgia in 2020 as well, accounting for 19.4 percent of total imports. Meanwhile, Azerbaijan was Georgia’s largest electricity supplier in 2020, accounting for 45 percent or 726 million kWh of the country’s total electricity import.