Azerbaijan, EU discuss setting up a working group in investment identification area

By Azernews

By Ayya Lmahamad

Azerbaijan and the European Union have discussed the creation of a working group in the sphere of investment identification, Azernews reports.

The discussion took place during the meeting between Azerbaijan's Economy Minister Mikayil Jabbarov and Director for Eastern Neighbourhood and Institution Building at the European Commission Lawrence Meredith.

During the meeting, the parties also discussed investment opportunities and potential projects in the private and public sectors.

"During the meeting with Lawrence Meredith (@LMeredithEU), director for Eastern Neighbourhood (@eu_near) and Institution Building at the European Commission, we discussed cooperation with the #EuropeanUnion, creation of a working group in the field of #investment identification, as well as investment opportunities and potential projects in the private and public sectors," Jabbarov wrote on his official Twitter page.

The EU and Azerbaijan have cooperation in different sectors of the economy. The EU invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021. Azerbaijan’s trade turnover with the EU amounted to $9.3 billion last year, which is 38 percent of the country’s foreign trade. The Delegation of the European Commission to Azerbaijan was opened in Baku in February 2008.

Azerbaijan started commercial gas supplies to Europe through the Trans-Adriatic Pipeline (TAP) on December 31, 2020.

A joint statement on energy cooperation with the EU was signed more than ten years ago. The EU-Azerbaijan energy cooperation has reached a new level and is still ongoing within the framework of the Southern Gas Corridor. The EU places a high value on energy supply diversification, and the Southern Gas Corridor is particularly important in this regard. In 2021, European countries purchased 8.2 billion cubic meters of gas, with an increase in volume expected in the coming years.

Additionally, the European Union is preparing to sign an important memorandum on energy with Azerbaijan on July 18.