Italian companies eye collaboration in Garabagh reconstruction efforts

The Republic of Italy holds a significant position in Azerbaijan's foreign policy, marked by mutually beneficial relations steeped in a tradition of friendship and cooperation. These ties, characterized by a partnership founded on mutual respect for each other's interests, occupy a pivotal space within Azerbaijan's international engagements.

Italy stands as Azerbaijan's foremost political, economic, and trade partner within the European Union. Moreover, beyond bilateral ties, Italy plays a crucial role in multilateral cooperation endeavors.

Economic and trade cooperation stands as a cornerstone of the strategic partnership between Azerbaijan and Italy. In the context of Azerbaijan-Italy relations, an event on "Azerbaijan and Italy - for better food production" was held in Baku this week, jointly organized by the Italian Trade Agency (ITA) and the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO) in order to promote exports and attract foreign investments.

Twelve Italian companies operating in the agriculture and food industry sector, along with approximately 100 Azerbaijani businessmen, are participating in the event, alongside representatives from relevant state institutions, local authorities, and international financial institutions.

The event serves as a platform for exchanging views on diversifying Azerbaijan's economy, enhancing production in the agricultural and industrial sectors to meet international standards, optimizing opportunities in these fields, and facilitating experience sharing. Additionally, the event includes B2B meetings between entrepreneurs.

Addressing the gathering, Tural Hajili, Deputy Executive Director of AZPROMO, highlighted the favorable conditions in Azerbaijan's liberated territories for Italian companies to establish production facilities, fostering a conducive business environment.

He emphasized that today's meeting will lay the groundwork for further expansion of relations in the future.

Addressing the event, Ricardo Cursi, the head of the delegation from the Italian embassy in Baku, highlighted the common values shared by Azerbaijan and Italy, emphasizing the ongoing development of bilateral cooperation across all sectors.

"Today, we are forging new collaborative ties with Italian companies, opening up fresh opportunities through B2B meetings. Italy has a rich tradition in agriculture, and Azerbaijan's diverse climate zones offer tremendous potential. Agriculture plays a significant role in providing employment for Azerbaijan's population. Therefore, investments in agriculture should be substantial and sustainable to enhance productivity, while also considering environmental factors. This is particularly pertinent for Azerbaijan as it hosts COP29," remarked R. Cursi.

It should be noted that a delegation of Italian companies visiting Azerbaijan with the joint support of the Italian Federation of Agricultural Machinery Manufacturers (FederUNACOMA) and the Italian Federation of Machine-Building and Engineering Industries Associations (ANIMA) will visit agricultural industrial regions as part of the visit, as well as the 17 They will visit the Azerbaijan International Agricultural Exhibition ("CaspianAgro 2024") and the 29th Azerbaijan International Food Industry Exhibition ("InterFood Azerbaijan 2024").

Over 100 Italian companies operate across various sectors in Azerbaijan, with a notable presence in industries, construction, trade, agriculture, communication, and services. Furthermore, Italy's involvement in reconstruction and restoration efforts in Azerbaijan's liberated territories underscores the depth of cooperation between the two nations.

In December 2020, a supply agreement was signed between Azerenergy OJSC and the Italian company Ansaldo Energia for mutual cooperation. According to the contract, Ansaldo Energia is responsible for supplying equipment for four 110 kV substations built in the districts of Aghdam, Fuzuli, Kalbajar, and Gubadli.

Energy collaboration is notably robust, with Azerbaijan leading Italy's oil supply and ranking third in gas supply. Projects like the Southern Gas Corridor and the Trans-Adriatic Gas Pipeline (TAP) significantly bolster bilateral energy cooperation and Italy's energy security.

Italy ranks as Azerbaijan's primary trading and export partner, with trade turnover exceeding $11 billion by the 8th month of 2022. Azerbaijan constitutes over 90 percent of Italy's trade in the South Caucasus region.

It should be remembered that during a state visit on February 19-21, 2020, a total of 28 documents were signed, covering various domains including politics, defense, trade, energy, technology, transportation, infrastructure, culture, science, tourism, sports, and food safety.

Notably, the "Joint Declaration on Strengthening the Multidimensional Strategic Partnership between the Republic of Azerbaijan and the Republic of Italy," directly signed by President Ilham Aliyev and Prime Minister Giuseppe Conte, underscores the political significance of this relationship.

It should be noted that the inaugural meeting of the Strategic Dialogue between Azerbaijan and Italy, held on April 2, 2022, during the visit of Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio to Baku, marked the establishment of a new institutional mechanism aimed at fortifying the multidimensional strategic relations between the two nations.

The trajectory of Azerbaijan-Italy relations indicates a consistent upward trend across all sectors. From strategic partnerships to collaborative ventures, the relationship continues to strengthen, reflecting a shared commitment to mutual growth and prosperity.