Italy and Azerbaijan are currently actively working on the creation of joint ventures, Manuela Traldi, President of the Italy-Azerbaijan Trade Chamber (ITAZERCOM), told Report.
According to her, the main goal is not only the export of raw materials but the processing of these products in local conditions and the creation of added value, specifically in Azerbaijan.
Traldi stated that 8 companies participated in the Italian pavilion at the Caspian Agro and InterFood Azerbaijan exhibitions held in Baku this year: "Italian companies come to Azerbaijan for various purposes. Some are already operating in the country, have a customer and partner base, while others are entering this market for the first time and intend to establish connections with distributors and explore cooperation opportunities."
She added that among these companies, there are also those thinking about creating joint ventures with local partners in Azerbaijan.
The ITAZERCOM President noted that over the last ten years, the agricultural sector has become one of the most promising areas in Azerbaijan. "Great development, innovation, and growth are observed in this field. I believe that agriculture is a very favorable area for cooperation beyond oil."
Traldi also pointed out that Italian companies are not limited to agriculture. They also operate in architecture, construction, information technology, and other fields in Azerbaijan: "Currently, bilateral relations are at a very important stage. Sustainable investment projects covering various sectors of the economy are being implemented. In the near future, this cooperation will expand further."
She emphasized that new cooperation agreements covering various fields and official visits between the two countries are expected to take place soon. According to her, although some details cannot be disclosed yet, the process continues actively.
Statistical indicators also show the strengthening of economic ties between the two countries. Thus, in January-March 2025, the trade turnover between Azerbaijan and Italy amounted to $3.012 billion. This figure represents an increase of 43.7% or $916.9 million compared to the corresponding period of 2024.
During the same period, Azerbaijan's exports to Italy increased by 46.3% to reach $2.9 billion. Conversely, imports from Italy decreased by 4.6% to 101.2 million US dollars. This indicates the formation of a significant positive balance in the trade balance in favor of Azerbaijan.
In 2024, the volume of direct foreign investments directed by Italy to Azerbaijan amounted to $6.8 million, which equals a 0.1% share in the total investment portfolio. At the same time, the value of investments made by Azerbaijan in the Italian economy reached 72.4 million US dollars, and Italy's weight in this indicator was 4.1%.