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Cooperazione economica

 

Cooperazione economica

Bilateral relations are intense and growing. We are the first trade partner of Azerbaijan for last eight years, with trade amounting to approximately 5.6 billion Euros in 2015 (1,3 billion Euros in the period January-June 2016) - absorbing 23% of Azerbaijani export (to a value of 3.39 billion euro in 2015), - and represent his fourth supplier, with a value of Italian exports of about 600 million Euros in 2015 (133 million Euros in the period January-June 2016), an increase of 40% over the same period in the previous year. Azerbaijan is our second supplier of oil since 2013.

Although the delicate economic situation that characterize the country in 2016, following the sharp decline in oil prices and the devaluation of the national currency, the dynamic growth of the different sectors of the economic system, wealth of energy sources, the presence of a Sovereign Fund (SOFAZ) with wide availability of investment, make Azerbaijan an extremely interesting market for our Italian businessmen.

The attractiveness of Italy as synonymous with quality of life and luxury by the Azerbaijani customers is definitely an asset for expansion of Italian business and consolidation of cooperation in the Azerbaijani domestic market. The possible fields for the strengthening of the economic relations are: the construction industry, civil engineering, Health, infrastructure, machinery, agribusiness, textiles and clothing. Good opportunities also for Italian catering, furniture and tourism.

The priority target of Italian investments remains the energy sector and the construction sector. The Italian presence is strengthening in the interior design industry, the hotel infrastructure, and entertainment in high-tech sectors, in the agro-wine division and in the banking sector.

Accompanied by a solid consolidation of the political dialogue, bilateral economic relations have further strengthened following the signing, in 2004, a Joint Declaration for the establishment of an Italian-Azerbaijani Council for Economic, Industrial and Financial, whose last session - the fourth edition - took place in Rome last 13th June 2016 with the participation of Minister of Energy Natiq Aliyev and Italian Minister of Foreign Affairs Paolo Gentiloni.

 


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