European companies intend to continue operating in Azerbaijan

The presentation of the 5th edition of the EU Business Climate Report 2020 took place. The online event was attended by Azerbaijani officials, representatives of international organizations and entrepreneurs.

Economy Minister Mikayil Jabbarov emphasized that our country is strong on relations with the European Union (EU), pointing out the importance of cooperation with the EU Delegation to Azerbaijan in respect to applying international experience in the implementation of systemic measures aimed at expansion and diversification of Azerbaijani economy. The Minister spoke about the importance of mutual visits and summit meetings in the growing dynamics of relations between the parties. It was noted at the event that the EU is one of the main trade partners of Azerbaijan. In 2020, the trade turnover amounted to 9.33 billion US dollars. The total volume of EU investments in Azerbaijan over the past eight years is over $ 20 billion.

Speaking about the impact of the COVID-19 on the economy of Azerbaijan, the Minister of Economy informed of the socio-economic and financial support measures taken to minimize these impacts, as well as the work done to liberalize the economy, a favorable business and investment climate, a strategy to encourage foreign direct investment and much more.

Emphasizing the victory of our brave Army under the leadership of the President of the Republic of Azerbaijan, Supreme Commander-in-Chief Ilham Aliyev, Mikayil Jabbarov pointed out that the implementation of new infrastructure and construction projects on our liberated lands is among the main tasks and will enable a wide range of investment opportunities, and called on member states to cooperate in projects to be implemented.

Kestutis Jankauskas, Head of the EU Delegation to Azerbaijan, touched on relations between Azerbaijan and the EU and shared his views on expanding the partnership.

The meeting also presented the report “Azerbaijan 2020: EU Business Climate” and heard the opinions of experts. According to the report, over 80% of EU companies represented in Azerbaijan plan to re-elect our country for economic activity. Moreover, 75% of European companies expressed full satisfaction with the state support measures taken to minimize the consequences of the pandemic. European companies also stressed the importance of restoring state control over the liberated territories of Azerbaijan for both the population and the country's economy.

In conclusion, issues of expanding economic ties, opportunities for joint projects were discussed, and questions were answered.