Azerbaijan, Italy Explore Opportunities To Expand Economic Cooperation

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 31. The discussions have been held on bilateral economic ties and new directions of activity between Azerbaijan and Italy, Trend reports via the Azerbaijani Economy Ministry.

According to the information, the negotiations were held during the meeting of Minister of Economy Mikayil Jabbarov with Minister for Enterprises and Products“Made in Italy” of Italy Adolfo Urso during his visit to Italy.

Moreover, it is noted that the meeting emphasized the development of economic partnership between the two countries.

“Opinions were exchanged on bilateral economic ties, joint investment projects, cooperation between Azerbaijani and Italian companies, and promotion of new directions of activity,” the information notes.

To note, Italy has emerged as Azerbaijan's largest trading partner in the importation of crude oil and petroleum products. Since 2003, 51.9 percent of Azerbaijan's exports have been directed to Italy. Italy mostly exports oil sector pipes, tobacco, leather, and furniture to Azerbaijan. The 2007 visits by the Economic Development ministers of both nations culminated in signed agreements for cooperation in the natural gas sector between Azerbaijan and Italy. Azerbaijan's principal exports to Italy included petroleum gas ($11.4 billion), crude petroleum ($6.72 billion), and refined petroleum ($37.5 million).

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