The meeting was co-chaired by Azerbaijani Economic Development Minister Heydar Babayev and Director General on Foreign Trade Issues in the Austrian Economic and Labor Ministry Johann Zaks.

Speaking of investment climate in Azerbaijan, Mr. Babayev said that the GDP has grown by 34.3% during the period of January-October.

The economic reforms attracted investment of over $35bn in Azerbaijani economy and Azerbaijan has commercial relations with some 130 countries.

He said that trade turnover was 8.5bn last year but it has increased by 29% during the past ten months of this year.

Moreover, trade turnover between Azerbaijan and Austria made up $24.9m last year and this figure hit $32.9m during past nine months of this year.

The guest co-chair said that Austria attaches great importance to economic cooperation with Azerbaijan and the discussions held at the meeting will be beneficial for the both parties. Final protocol was concluded at the end of the meeting, APA reports.

The guest told reporters that the protocol envisages Austria participation in projects in Azerbaijan, building economic elations between Austrian and Azerbaijani regions, exchanging experience, expanding cooperation in equity market, banking, and business-forums and establishing joint ventures producing agricultural goods.