Minister: Azerbaijan, Macedonia to ink paper on investment protection

Azerbaijan and Macedonia will sign an agreement on the protection and promotion of mutual investments, Azerbaijani Economic Development Minister Shahin Mustafayev said at an Azerbaijani-Macedonian business meeting today. The agreement will be signed during Macedonian Prime Minister Nikola Gruevski's official visit to Azerbaijan.

"Political relations between Azerbaijan and Macedonia are at a high level, the potential for trade and economic cooperation is also high and the main task today is the implementation of this potential," the minister said.

The agreement on investment protection will contribute to the development of economic relations between Azerbaijan and Macedonia, he said.

He added that entrepreneurs working in the areas of agriculture, tourism, ICT and construction are attending a business meeting.

"The presence of such a large number of Azerbaijani entrepreneurs at the event demonstrates the great interest of local businessmen in working with Macedonia and other countries of Eastern Europe," Mustafayev said.

Gruevski said that the economy of the two countries is rapidly developing. This creates good opportunities for expanding mutual cooperation. the Macedonian prime minister invited Azerbaijani businessmen to examine the business opportunities in his country.

"There are relatively low tax rates in Macedonia," he said. "So a favourable business area was created. There are three free economic zones, as well as special tourism zones in the country. Their number will increase in the future."

The Macedonian authorities once again extended the visa-free regime for Azerbaijani citizens and three other former Soviet countries namely Russia, Ukraine and Kazakhstan until March 15, 2014 to attract tourists and develop trade and economic cooperation.

As of 2012, the trade turnover between the two countries amounted to $416,070, which is fully ensured through imports which increased by 9.5 times.


/Trend/