By Azernews

By Ayya Lmahamad

Azerbaijan and Israel have signed an investment agreement, Azernews reports.

The document was signed between Azerbaijan's Investment Company and Israel's leading global capital crowdfunding platform OurCrowd company.

In accordance with the document, the Azerbaijani Investment Company will invest in the startups of OurCrowd.

"An #investment agreement has been signed between Azerbaijan Investment Company (@AIC_OJSC) and Israel’s leading global capital crowdfunding platform OurCrowd company (@OurCrowd). In accordance with the document, Azerbaijan Investment Company will invest in the #startups of OurCrowd, which will contribute to the Azerbaijani #economy," Azerbaijan's Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

Diplomatic relations between the two countries were established on April 7, 1992. Israel was one of the first countries to recognize Azerbaijan's state independence and establish diplomatic relations.

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.