Azerbaijani-Lithuanian business forum exploring possibilities of boosting economic ties

By Azernews

The Azerbaijani-Lithuanian business forum was held at the Heydar Aliyev Center in Baku on May 18, Azernews reports.

In remarks at the forum, Economy Minister Mikayil Jabbarov filled the participants in on the economic cooperation between Azerbaijan and Lithuania and underscored that the participation of the presidents in the business forum is a vivid indicator of the highest level of support and importance for the development of relations.

He noted that the partnership between the two countries is based on mutual respect and friendship, adding that the events and discussions will give impetus to further strengthening and expanding the relations. Jabbarov also mentioned that the Eastern Partnership initiative and the Intergovernmental Commission on bilateral cooperation between Azerbaijan and Lithuanian are effective platforms for expanding relations and implementing projects in various spheres.

The business forum was held with the participation of officials from both countries, as well as businessmen from ICT, food industry, agriculture, construction, education, medicine, and other spheres.

Moreover, the economy minister briefed about the favorable business and investment environment in Azerbaijan. The priorities of socio-economic development of Azerbaijan until 2030 create conditions for the development of partnership with Lithuania, the minister added. In this context, he noted that there are great prospects for cooperation in the expansion of the green economy and the reconstruction of the liberated territories.

Mikayil Jabbarov added that according to the EU Business Environment Report 2021, 80 percent of EU companies represented in the country re-select Azerbaijan for economic activity, and 53 percent stressed the intention to expand business in Azerbaijan. The minister invited Lithuanian businessmen to actively use the business environment available in Azerbaijan.

Lithuanian Deputy Economy Minister Jovita Neliupsiene noted that her country attaches great importance to the partnership with Azerbaijan and shared her opinion on the potential for the development of economic relations. The deputy economy minister expressed confidence that bilateral cooperation in the sphere of the green economy would be mutually beneficial.

The reports on business and investment climate were also made by Azerbaijan's Export and Investment Promotion Foundation Head Yusif Abdullayev and Adviser to the President of Lithuania Vaidas Augustinavicius.

The presidents of the two countries made speeches at the business forum and then a ceremony to sign Azerbaijani-Lithuanian documents was held.

Azerbaijan's Digital Development and Transport Minister Rashad Nabiyev and Lithuania's Transport and Communications Deputy Minister Julius Skackauskas signed the intergovernmental agreement on international road transport.

Azerbaijan's Chamber of Commerce and Industry President Niyaz Alizada and Lithuania's Chamber of Commerce, Industry and Crafts Director-General Giedre Razinskiene signed a cooperation agreement.

Azerbaijan's Agency for Small and Medium Business Development Board Chairman Orkhan Mammadov and Lithuania's Chamber of Commerce, Industry and Crafts Director-General Giedre Razinskiene signed the memorandum of understanding (MoU).

Azerbaijan's Export and Investment Promotion Foundation Head Yusif Abdullayev and Lithuania's Innovation Agency Director-General Agne Vaitkuniene also signed an MoU.

Moreover, Yusif Abdullayev and Lithuanian Confederation of Industrialists Vice-President Romas Austinskas signed an MoU.

To recap, Azerbaijan's National Confederation of Entrepreneurs Organizations President Mammad Musayev and Lithuanian Confederation of Industrialists Vice-President Romas Austinskas signed an MoU.

The business forum continued with bilateral meetings between entrepreneurs.