Trade turnover between Czech Republic, Azerbaijan up by 12pct

By Azernews

By Mirsaid Ibrahimzade

The Czech Republic is the fifth largest trade partner of Azerbaijan and the ninth largest foreign investor in the economy of our state, Milan Ekert Czech Ambassador to Azerbaijan said based on the results of the last year's trade turnover, AZERTAG reports.

As the diplomat noted, the trade turnover between the two countries increased by 12 percent compared to 2017 and reached 1.1 billion euros.

“The past year may be called the year of the emergence of new dynamics in relations between the Czech Republic and Azerbaijan, creating the basis for strengthening the strategic partnership between our countries and the search for new joint projects,” the envoy said.

Ekert singled out mechanical engineering, automobiles, and electronics among the items of Czech exports to Azerbaijan.

Czech Republic is a strategic partner of Azerbaijan. The presidents of the Czech Republic and Azerbaijan signed a Memorandum on Strategic Partnership in 2015.

Relations are developing in the economic sphere. Czech Republic annually imports oil from Azerbaijan up to $1.5 billion.

Mutual cooperation does not include only the supply of oil. The close relationship between our countries is demonstrated by the fact that the Czech Republic occupies the ninth place in terms of foreign investment in the Azerbaijani economy.

In addition, Czech companies operating in the country are actively working to strengthen relations between the two countries.