Azerbaijan, Israel ink memorandum on trade, industry cooperation

By Azernews

By Ayya Lmahamad

Azerbaijan's Small and Medium Business Development Agency, the Federation of Israeli Chambers of Commerce, and the Israeli-Azerbaijani Chamber of Commerce and Industry have signed a trilateral memorandum of cooperation, Azernews reports.

The document was signed during a meeting of the supervisory board of the Israeli-Azerbaijani Chamber of Commerce held in Shusha on September 14.

During the meeting, presentations of Israeli companies on the implementation of potential projects in Karabakh and other Azerbaijani regions were made. The parties exchanged views on the activities of the chamber for 2023.

Moreover, Azerbaijan's Small and Medium Business Development Agency Board Chairman Orkhan Mammadov told the meeting about the possibilities of expanding cooperation between the two countries in the SMBs sector.

Azerbaijan and Israel have been expanding bilateral cooperation over years. Cooperation between the two countries is based not only on economic partnership but also on traditional historical and cultural roots, as well as mutual respect and trust.

During the 44-day Second Karabakh War, Israel was among the first countries to express support for Azerbaijan's just position and territorial integrity. In addition, Israeli companies are involved in the restoration and reconstruction process in Azerbaijan's liberated territories.

In 2021, the two countries' trade turnover totaled $928.4 million.