Baku plays host to the 2nd EU-Azerbaijan Business Forum

The EU is Azerbaijan's biggest economic partner representing 44% of its total trade

Baku. 18 May. REPORT.AZ/ Today, more than 200 representatives of businesses from the European Union (EU) and from Azerbaijan, Ministers and Deputy Ministers from the Azerbaijani government, EU Ambassadors and others meet and exchange at ADA University on the business and investment climate in Azerbaijan.

A major focus is on agriculture, transport and logistics, tourism and, more generally, on how to do business in Azerbaijan, Report informs.

Rector of ADA University Hafiz Pashayev said such forums were indicator of development of EU-Azerbaijan relations.

Minister of Economy Shahin Mustafayev highlighted the steadily developing Azerbaijan-EU relations. Mustafayev stressed importance of extension of cooperation in agriculture, ICT, tourism, pharmacology and other fields.

Mr. Mustafayev said the EU was the main foreign trade partner of Azerbaijan. “The EU countries made direct investments worth $2.7 billion in Azerbaijan's non-oil sector, that is 35 percent of the total volume of direct investments in this sector of the country,” he said.

The Minister also added the Southern Gas Corridor was one the main infrastructure projects of EU.

"It is important to note that Azerbaijan is moving forward with a number of economic reforms and is increasing its efforts to diversify the economy. This will bring more opportunities for European companies interested in the market. The EU is Azerbaijan´s biggest economic partner representing 44% of its total trade and providing the largest share of foreign direct investment to Azerbaijan. The EU is ready to support the government in its reform efforts, and I hope that the EU-Azerbaijan business forum on 18 May will increase networking and contacts between companies that will increase trade and economic activity even further", said Head of the EU Delegation to Azerbaijan, Ambassador Malena Mård.

Notably, the EU has 28 Member States with a total population of more than 500 million people and is hence, after China and India, the most populous region in the world.

With its single market, the European Union is the biggest economic actor in the world, with an annual GDP of around 14 trillion euros, and 20 % of global trade. It is worldwide – by far - the main source of FDI inflow and outflow to the rest of the world.

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