Ambassador: Italy aims to expand economic co-op with Azerbaijan

Italy remains Azerbaijan's main trading partner and is ready to help diversify its economy, Italian Ambassador to Azerbaijan Luca Di Gianfrancesco said in an interview with the Italian publication Agenzia Nova, Report informs.

“Azerbaijan is interested in diversifying its economy, and Italy can certainly make a significant contribution to this. Italy remains Azerbaijan's No. 1 trading partner: in 2024, trade turnover between the two countries amounted to 8.7 billion euros, while Italy accounted for more than 38% of all exports from Azerbaijan,” the diplomat noted.

He added that the Azerbaijani market remains the most significant in the South Caucasus.

“In addition, Azerbaijan's geographical location and stability make it an important regional hub, including in terms of access to the Central Asian markets,” the ambassador added.

He stressed that the current goal is to deepen and diversify economic cooperation between the two countries.

"On the one hand, this is possible due to Azerbaijan's desire to diversify its economy beyond the energy sector, and on the other, through expanding access for Italian companies to the Azerbaijani market and their contribution to many strategic sectors. This will also help reduce the trade imbalance that has traditionally been in Azerbaijan's favor," the diplomat said.

He noted that Baku remains one of the key energy suppliers to Italy: almost half of Azerbaijan's revenues from oil and gas sales come from exports to this country.

According to him, the return of the energy company Eni to Azerbaijan after more than 30 years of absence, as well as the signing of a memorandum between the telecommunications group TIM and the Innovation and Digital Development Agency (IDDA) are striking examples of intensifying bilateral cooperation.

"At the same time, the potential for cooperation is much broader. Promising areas could include infrastructure and communications, the agro-industrial complex and agricultural machinery, and the production of furniture and interior items. In addition, there has been an increase in activity in the defense sector, which is facilitated by the recent opening of a military attaché position at the Italian Embassy in Baku," the diplomat emphasized.

"Together with the Italian Trade Agency office in Baku, we are actively working to expand cooperation, confident in its strategic importance and long-term potential," Di Gianfrancesco added.