By Amina Nazarli

Prospects of deepening the bilateral economic ties between Azerbaijan and the Netherlands were on the agenda of the joint business forum held in Baku on May 17.

The Azerbaijan-Netherlands forum involved 25 Dutch and about 50 Azerbaijani companies, engaging in various sectors of the economy including telecommunications, transportation, logistics, agriculture, tourism, and education.

Azerbaijan's Deputy Economy Minister Sahil Babayev, addressing the event, said that the total volume of investments made by the Netherlands in Azerbaijan is $900 million and over a third of the total volume of these investments was made in the national economy over the last three years.

"The Netherlands has invested $340 million in Azerbaijan over the last three years," said the deputy minister. "In general, the Netherlands ranks fourth in terms of the volume of investments made in Azerbaijan."

He noted that the Dutch companies actively participate as contractors in public contracts, adding that the Dutch companies have signed agreements worth $180 million in Azerbaijan in recent years.

Member of the Dutch Senate Rene van der Linden, for his part, said that his country can contribute to the development and diversification of Azerbaijan's economy.

"For this purpose, first of all, it is necessary to develop the relations between companies of the two countries," he said, adding that currently, the companies of Azerbaijan and the Netherlands have short-term relations, but they can turn into strong and long-term ties in the future.

During the forum the two sides signed a memorandum on creating a joint business center, which will render services both to Azerbaijani and Dutch companies.

The document was signed between the Dutch Limburg province and Azerbaijan's ADA University.

Moreover, three memorandums were signed between Azerbaijan's Sumgayit Chemical Industrial Park and the Dutch Chemelot chemical park; Azerbaijan's ASAN center, Nar Mobile, Azerbaijan's State Fund for Development of Information Technologies and the Azerbaijani-Dutch center, as well as Azerbaijan Steel Production Complex, Maastricht University and Aachen University (Germany).

Signing of another memorandum between Azerbaijan and the Netherlands in the sphere of agriculture is expected in two days.

The relations between the Netherlands and Azerbaijan have strengthened over the past years. About 112 companies with Dutch capitals operate in Azerbaijan, in the spheres of shipbuilding, logistics, ecology and banking.

Earlier the Netherlands showed an interest in cooperation with Azerbaijan in agriculture, in particular water industry and lake water purification.

The trade turnover between the Netherlands and Azerbaijan amounted to $44.71 million in the first quarter of 2016, $21.65 million of which fell on exports to this country, according to the Azerbaijani State Customs Committee.