Italian Companies Eye Collaboration In Garabagh Reconstruction Efforts

(MENAFN- AzerNews)
Italian Companies Eye Collaboration In Garabagh Reconstruction Efforts Image
Nazrin Abdul Read more

The Republic of Italy holds a significant position inAzerbaijan's foreign policy, marked by mutually beneficialrelations steeped in a tradition of friendship and cooperation ties, characterized by a partnership founded on mutualrespect for each other's interests, occupy a pivotal space withinAzerbaijan's international engagements.

Italy stands as Azerbaijan's foremost political, economic, andtrade partner within the European Union. Moreover, beyond bilateralties, Italy plays a crucial role in multilateral cooperationendeavors.

Economic and trade cooperation stands as a cornerstone of thestrategic partnership between Azerbaijan and Italy. In the contextof Azerbaijan-Italy relations, an event on "Azerbaijan and Italy -for better food production" was held in Baku this week, jointlyorganized by the Italian Trade Agency (ITA) and the Export andInvestment Promotion Agency of the Republic of Azerbaijan (AZPROMO)in order to promote exports and attract foreign investments.

Twelve Italian companies operating in the agriculture and foodindustry sector, along with approximately 100 Azerbaijanibusinessmen, are participating in the event, alongsiderepresentatives from relevant state institutions, localauthorities, and international financial institutions.

The event serves as a platform for exchanging views ondiversifying Azerbaijan's economy, enhancing production in theagricultural and industrial sectors to meet internationalstandards, optimizing opportunities in these fields, andfacilitating experience sharing. Additionally, the event includesB2B meetings between entrepreneurs.

Addressing the gathering, Tural Hajili, Deputy ExecutiveDirector of AZPROMO, highlighted the favorable conditions inAzerbaijan's liberated territories for Italian companies toestablish production facilities, fostering a conducive businessenvironment.

He emphasized that today's meeting will lay the groundwork forfurther expansion of relations in the future.

Addressing the event, Ricardo Cursi, the head of the delegationfrom the Italian embassy in Baku, highlighted the common valuesshared by Azerbaijan and Italy, emphasizing the ongoing developmentof bilateral cooperation across all sectors.

"Today, we are forging new collaborative ties with Italiancompanies, opening up fresh opportunities through B2B meetings has a rich tradition in agriculture, and Azerbaijan's diverseclimate zones offer tremendous potential. Agriculture plays asignificant role in providing employment for Azerbaijan'spopulation. Therefore, investments in agriculture should besubstantial and sustainable to enhance productivity, while alsoconsidering environmental factors. This is particularly pertinentfor Azerbaijan as it hosts COP29," remarked R. Cursi.

It should be noted that a delegation of Italian companiesvisiting Azerbaijan with the joint support of the ItalianFederation of Agricultural Machinery Manufacturers (FederUNACOMA)and the Italian Federation of Machine-Building and EngineeringIndustries Associations (ANIMA) will visit agricultural industrialregions as part of the visit, as well as the 17 They will visit theAzerbaijan International Agricultural Exhibition ("CaspianAgro2024") and the 29th Azerbaijan International Food IndustryExhibition ("InterFood Azerbaijan 2024").

Over 100 Italian companies operate across varioussectors in Azerbaijan, with a notable presence in industries,construction, trade, agriculture, communication, and services, Italy's involvement in reconstruction and restorationefforts in Azerbaijan's liberated territories underscores the depthof cooperation between the two nations.

In December 2020, a supply agreement was signedbetween Azerenergy OJSC and the Italian company Ansaldo Energia formutual cooperation. According to the contract, Ansaldo Energia isresponsible for supplying equipment for four 110 kV substationsbuilt in the districts of Aghdam, Fuzuli, Kalbajar, andGubadli.

Energy collaboration is notably robust, with Azerbaijan leadingItaly's oil supply and ranking third in gas supply. Projects likethe Southern Gas Corridor and the Trans-Adriatic Gas Pipeline (TAP)significantly bolster bilateral energy cooperation and Italy'senergy security.

Italy ranks as Azerbaijan's primary trading and export partner,with trade turnover exceeding $11 billion by the 8th month of 2022 constitutes over 90 percent of Italy's trade in theSouth Caucasus region.

It should be remembered that during a state visit on February19-21, 2020, a total of 28 documents were signed, covering variousdomains including politics, defense, trade, energy, technology,transportation, infrastructure, culture, science, tourism, sports,and food safety.

Notably, the "Joint Declaration on Strengthening theMultidimensional Strategic Partnership between the Republic ofAzerbaijan and the Republic of Italy," directly signed by PresidentIlham Aliyev and Prime Minister Giuseppe Conte, underscores thepolitical significance of this relationship.

It should be noted that the inaugural meeting of the StrategicDialogue between Azerbaijan and Italy, held on April 2, 2022,during the visit of Italian Minister of Foreign Affairs andInternational Cooperation Luigi Di Maio to Baku, marked theestablishment of a new institutional mechanism aimed at fortifyingthe multidimensional strategic relations between the twonations.

The trajectory of Azerbaijan-Italy relations indicates aconsistent upward trend across all sectors. From strategicpartnerships to collaborative ventures, the relationship continuesto strengthen, reflecting a shared commitment to mutual growth andprosperity.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.