By Azernews

By Ayya Lmahamad

An Azerbaijani-Czech business forum, organized by the Export and Investment Promotion Foundation (AZPROMO) with the support of the Economy Ministry was held in Baku on September 29, Azertag has reported.

During the forum, Azerbaijan’s Deputy Economy Minister Niyazi Safarov noted the successful development of Azerbaijani-Czech relations, emphasizing the great potential for expansion of bilateral cooperation.

He stated that business forums, meetings, and other events involving businessmen have played an important role in developing economic relations. The deputy minister added that there are around 30 companies with the Czech capital operating in Azerbaijan.

Czech Foreign Minister Jakub Kulhanek underlined his country's interest in expanding economic and trade relations with Azerbaijan. He spoke about the country's economy and stressed the importance of expanding ties between businessmen. The minister also noted that such events involving business circles will promote the development of economic cooperation, as well as the establishment of new ties.

Mutual investments

During the forum, it was noted that the Czech Republic had invested $37.2 million in Azerbaijan, while Azerbaijan’s investment in the Czech Republic amounted to $48.2 million during the period of 1995-2021.

The deputy minister stated that Czech companies also participated as contractors in nine projects worth $2.9 billion realized in Azerbaijan.

He also invited Czech businessmen to take advantage of the favorable business and investment climate created in Azerbaijan.

Additionally, participants of the forum noted that there is a great potential for expansion of cooperation in the areas of mechanical engineering, food industry, agriculture, energy, chemistry, pharmaceutics, transport and transit, tourism, information technologies, etc.

AZPROMO’s acting head Yusif Abdullayev spoke about the work done by the foundation to attract foreign investments and measures taken to expand trade and economic relations between Azerbaijan and the Czech Republic. He also noted the opportunities for cooperation in implementing joint projects.

The chairman of the Agency for Development of SMBs, Orkhan Mammadov, spoke about the agency’s activities, support and services provided to entrepreneurs.

The business forum continued with bilateral meetings to discuss opportunities for cooperation between businessmen.

The event was attended by officials and more than 50 businessmen from both sides in industry, agriculture, tourism, textile industry, and other fields.

It should be noted that the trade turnover between Azerbaijan and the Czech Republic amounted to $90.6 million in the first eight months of 2021.