SOCAR invested over 400 mln CHF to Switzerland

Baku. 10 March. REPORT.AZ/ Economic and political relations between Azerbaijan and Switzerland are developing. However, in 2015 the trade turnover between the two countries declined.This is mainly due to the reduction in exports of crude oil and fall in oil prices.Report informsAzerbaijan's Minister of Economic Development Shahin Mustafayev said that at VII meeting of Azerbaijani-Swiss Intergovernmental Commission on Trade & Economic Cooperation.

Minister has stated that presently 65 Swiss companies are operating in Azerbaijan and their investments in the country’s economy have reached $220 million.

"Azerbaijan and Switzerland are actively cooperating in the oil and non-oil sector. SOCAR has bought 148 fuel stations in Switzerland and forms 8% of wholesale and 7% of the retail market of oil products and 25% of the LPG market. SOCAR has invested over 400 million Swiss francs in the energy cooperation with Switzerland. Also, Azerbaijan signed a contract with STADLER for purchase of 30 cars for the Baku-Tbilisi-Kars railway project, and now the possibility of extending this cooperation is under consideration," the minister said.

He added that project Holcim Azerbaijan is Switzerland’s largest and most successful nonoil project in Azerbaijan.

"Although in 2015 the trade turnover between Azerbaijan and Switzerland decreased because of fall in oil prices, in January it was ensured two-fold trade growth. Besides, non-oil trade turnover increased by 38%," he said.