Azerbaijan, Italy Turnover Up By $5.7Bn In 2022| MENAFN.COM

Wednesday, 17 August 2022 07:52 GMT

Azerbaijan, Italy Turnover Up By $5.7Bn In 2022


(MENAFN- AzerNews)

By Ayya Lmahamad

Azerbaijan has increased the trade turnover with Italy by $5.7 billion in January-June 2022, Azernews reports per the State Customs Committee.

During the first half of the year, the trade turnover between the two countries amounted to $9.1 billion, with exports accounting for $8.9 billion and imports for $144.3 million.

Thus, Italy was also Azerbaijan's largest trade partner during the reported period.

In the first six months of 2021, the trade turnover between Azerbaijan and Italy amounted to $3.3 billion.

The diplomatic relations between the two countries were established on May 8, 1992. Italy's first embassy in the South Caucasus was opened in Azerbaijan in 1997 and the embassy of Azerbaijan in Italy has been functioning since 2003.

Italy was one of the first countries to express support for Azerbaijan's territorial integrity, as well as an interest in participating in restoration efforts in Azerbaijan's liberated territories. Last year, Azerenergy and Ansaldo Energia signed a cooperation agreement on the construction of energy infrastructure in Azerbaijan's liberated territories. According to the agreement, Ansaldo Energia will supply equipment for four 110 kV substations to be built in the Aghdam, Kalbajar, and Gubadli regions.

Azerbaijan is a major supplier of energy to Italy. In Azerbaijan, over 100 Italian companies operating in various fields are registered. At the same time, Italian firms have contracts worth more than € 10 billion ($11.8 billion) for Azerbaijani projects both inside and outside the country. Azerbaijan's total investment in the Italian economy is estimated to be around € 1.7 billion ($2 billion), with Italy investing approximately € 770 million ($910.8 million) in Azerbaijan.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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