Minister calls priority spheres for Swiss investments in Azerbaijan

Within the framework of his visit to Switzerland, the Azerbaijani delegation led by Minister of Economy Shahin Mustafayev met with the Federal Adviser of the Swiss Confederation, Head of the Federal Department for Economic Affairs, Education and Research Guy Parmelin, Report informs citing the ministry’s press service.

Mustafayev noted that Azerbaijan attaches great importance to bilateral relations with Switzerland and is interested in expanding these relations in all spheres.

The minister noted that positive dynamics is observed in the economic and trade relations between the two countries. Azerbaijan occupies a key place in the foreign trade of Switzerland with South Caucasus countries. The trade turnover increased 2.7 times in 2018 and 8.8 times in 2019. Nevertheless, there is a great potential for the development of economic and trade relations. Successful cooperation is also being carried out in energy, education, investments, etc. About $ 780 million of the $ 844 million invested by the Swiss economy in the economy of Azerbaijan was directed to the non-oil sector

Stressing the high level of cooperation with the State Secretariat for Economic Affairs and the Cooperation and Development Agency, Mustafayev noted that more than 60 projects were implemented within the framework of cooperation with these agencies. Speaking about the expansion of cooperation, Shahin Mustafayev highlighted the opportunities of cooperation in the field of healthcare, pharmaceuticals, food and chemical industries, development of small and medium-sized businesses in Azerbaijan. In addition, Swiss companies can be involved in agroparks in Azerbaijan, exchange experiences in advanced technologies, agrarian research and cooperate in industrial parks, tourism.

The Minister also informed about transport and transit potential of Azerbaijan. It was noted that the East-West international transport corridor passing through Azerbaijan, Baku-Tbilisi-Kars railway, Baku International Sea Trade Port, modern highways meet the potential of cooperation in this area.

The Federal Adviser of the Swiss Confederation, the Head of the Federal Department for Economic Affairs, Education and Research Guy Parmelin expressed his views on the development of economic and trade relations.

The parties discussed the development of economic and trade cooperation in various fields, as well as the issues of mutual interest.

Ambassador of Azerbaijan to Switzerland Hanum Ibrahimova attended the meeting.