The steadily deepening economic ties between the Czech Republic and Azerbaijan go hand in hand with the growing Azerbaijani investments in the Czech Republic, which are so far directed mainly into the real estate and hotel sectors, Report informs, referring to the Ministry of Industry and Trade of the Czech Republic.
“The commodity structure of the Czech export to Azerbaijan has remained stable in the past years. The main items are cars and trucks and their spare parts, construction material, machinery and industrial equipment, detergents, a range of pharmaceutical products, and cosmetics. The Czech import from Azerbaijan consists of oil, cotton, dry fruits, and nuts. Exports of Czech companies to Azerbaijan have been on a downward trend in recent years. However, between January and August 2021, despite the global pandemic Covid-19, according to the Czech Statistical Office, Czech exports have increased by about 21%,” the ministry said.
We see both Azerbaijan and Georgia as interesting markets.
The Ministry of Industry and Trade, in cooperation with the Embassy of the Czech Republic in Baku, supports the activities of Czech companies in Azerbaijan, including investment: “Among other activities, the MIT supports these goals by holding meetings of the Joint Commission or by organizing sectoral business missions to the territory.”
The trade turnover between Azerbaijan and the Czech Republic declined by 38% to $140,812,000 in January-September 2021. Exports to Czech Republic fell by 43.2% to $109,066,000, while imports from this country dropped 14.1% to $31,746,000.