Mikayil Jabbarov: EU countries have invested $20 billion in Azerbaijan

The presentation of the 5th edition of the "EU Business Environment Report 2020" was held online and brought together the Azerbaijani officials, representatives of international organizations, and entrepreneurs, Report informs, citing the Ministry of Economy.

Economy Minister Mikayil Jabbarov noted that Azerbaijan attaches particular importance to relations with the European Union (EU) and stressed the significance of cooperation with the EU Delegation in Azerbaijan international experience in implementing systemic measures aimed at expanding and diversifying the Azerbaijani economy. The Minister noted the importance of mutual visits, high-level meetings in the growth dynamics of relations between the parties. It was pointed out that the EU is one of the leading trade partners of Azerbaijan. In 2020, the trade turnover amounted to $9.33 billion. The total volume of investments of the EU countries in Azerbaijan has exceeded $20 billion over the past eight years.

Mikayil Jabbarov noted that implementing new infrastructure and construction projects in the liberated lands is one of the main tasks. He added that broad investment opportunities would be created and invited the member countries of the organization to cooperate in the projects that are under implementation.

Head of the European Union Delegation to Azerbaijan Kestutis Jankauskas spoke about the relations between Azerbaijan and the EU and shared his opinion about the directions of expanding the partnership.

The meeting participants also saw a presentation of the report "Azerbaijan 2020: EU business environment" and heard experts' opinions. According to the report, more than 80% of EU companies represented in Azerbaijan announced their intention to re-select the country for economic activity. At the same time, 75% of European companies said they were delighted with state support measures taken to minimize the consequences of the pandemic. European companies also stressed the importance of restoring state control over the liberated territories of Azerbaijan for both the population and the country's economy.

In conclusion, the sides discussed the possibilities of expanding economic ties, implementing joint projects.