Italy to support Azerbaijan's expansion in its market

Italy intends to support a number of operations aimed at strengthening Azerbaijan's presence in the Italian market and deepening bilateral investment cooperation, Manuela Traldi, President of the Italy-Azerbaijan Chamber of Commerce, said at the "From the Caucasus to the Mediterranean" conference in Rome, Report informs.

According to her, the conference focused on the parallels between Italy as a hub for access to Europe and the Mediterranean region and Azerbaijan as a gateway not only to Central Asia but to Asia as a whole.

"Our bilateral relations have matured over the years. I am convinced that we are at the beginning of a new phase, when interaction between the two countries, beyond fundamental commercial aspects, is taking on the character of a genuine strategic partnership," Traldi noted.

The head of the chamber recalled that during the first business forum in 2020, a Multidimensional Strategic Partnership was formalized, which in subsequent years has brought Italy and Azerbaijan even closer together.

According to her, recent events demonstrate Azerbaijan's desire to act not only as an energy supplier or buyer of Italian equipment, but also as a full-fledged partner and stakeholder in the Italian economy.

"Important transactions related to Azerbaijan's presence in Italy are underway today. These include investments and partnerships that begin in the energy sector but extend far beyond it. These include significant investments from the State Oil Fund of Azerbaijan and the acquisition by the State Oil Company of Azerbaijan (SOCAR) of one of Italy's largest primary refining groups.

These are the first, but already concrete, signs of a 'change of speed' in our relations. They will inevitably lead to increased trade. The potential remains extremely high, and we are ready to actively pursue this direction. In the future, we expect to support a number of transactions that will further enhance Azerbaijan's presence in the Italian market. This will further bring our Italian-Azerbaijani business community closer together and create space for new initiatives," Traldi emphasized.