(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
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