Azerbaijan, Italy turnover up by $8.8bn in Jan-Sep 22

By Azernews

By Ayya Lmahamad

Azerbaijan has increased the trade turnover with Italy by $8.8 billion in the first three quarters of 2022, Azernews reports per the State Customs Committee.

In January-September, the trade turnover between the two countries amounted to $14.7 billion, with exports accounting for $14.5 billion and imports for $228.3 million.

Thus, Italy is also Azerbaijan's largest trade partner during the reporting period.

During the corresponding period of 2021, the trade turnover between Azerbaijan and Italy amounted to $5.9 billion.

The diplomatic relations between the two countries were established on May 8, 1992. Italy's first embassy in the South Caucasus was opened in Azerbaijan in 1997 and the embassy of Azerbaijan in Italy has been functioning since 2003.

Italy was one of the first countries to express support for Azerbaijan's territorial integrity, as well as an interest in participating in restoration efforts in Azerbaijan's liberated territories. Last year, Azerenergy and Ansaldo Energia signed a cooperation agreement on the construction of energy infrastructure in Azerbaijan’s liberated territories. According to the agreement, Ansaldo Energia will supply equipment for four 110 kV substations to be built in Aghdam, Kalbajar, and Gubadli districts.

Azerbaijan is a major supplier of energy to Italy. In Azerbaijan, over 100 Italian companies operate in various sectors. At the same time, Italian firms have contracts worth more than € 10 billion ($11.8 billion) for Azerbaijani projects both inside and outside the country. Azerbaijan's total investment in the Italian economy is estimated to be around € 1.7 billion ($2 billion), with Italy investing approximately € 770 million ($910.8 million) in Azerbaijan.