Azerbaijan's non-oil sector attracted over $87 mln Swiss investment

By AzerNews

Azerbaijan's Economic Development Minister Shahin Mustafayev said that Swiss companies have invested $ 87.7 million in the non-oil sector of Azerbaijan.

"More than 70 companies with Swiss capital are registered in Azerbaijan and they invested 87.7 million in the non-oil sector of Azerbaijan," Mustafayev said.

Speaking at a meeting with the Economy Ministerof Switzerland Johann Schneider-Ammann in Baku on Friday, he said the two countries have signed over 20 documents so far.

According to the minister, Azerbaijani companies are also interested in the Swiss economy. Thus, the State Oil Company of Azerbaijan (SOCAR) has invested 380 million Swiss francs ($322.3 million), and a representative office of the company functions in Switzerland.

He went on saying that the trade turnover between the countries recorded a growth by 2.9 times in January-February 2013 than in the same period last year.

"Azerbaijan actively cooperates with Seco (State Secretariat for Economic Affairs of Switzerland). Including regional projects, Seco has realized 25 projects in Azerbaijan, of which 17 have already been completed. In 2012, Seco launched four new projects in the country," Mustafayev said.

The ministry reported that entrepreneurs working in various areas of the Swiss economy also took part in the meeting.