TODAY.AZ / Business

Trade with Georgia increases

22 July 2019 [15:17] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan is in the top 3 main trade partners of Georgia in the first half of 2019.

The trade turnover between the two countries reached $508.9 million in January-June this year.

Georgia exported goods worth $211 million to Azerbaijan, National Statistical Office of Georgia said in a message. This is 3.7 percent more than in the same period last year.

At the same time, Georgia imported goods worth $297 million from Azerbaijan in the first half of the year, which is 3.1 percent less than in the same period of 2018.

In the reporting period, the share of Azerbaijan in the total trade of the neighboring country amounted to 8.5 percent. Azerbaijan became the third largest trading partner of Georgia after Turkey and Russia.

At the same time, the country was the second export partner of Georgia after Russia, with an 11.9 percent share in the total exports of Georgia. However, Azerbaijan’s share in Georgia’s total imports was 7.1 percent. Azerbaijan became the fourth largest importer of the neighboring country after Turkey, China and Russia.

During the reporting period, Georgia’s total foreign trade turnover amounted to $5.9 billion, which is 0.6 percent less year-on-year.

It's noteworthy that the total trade turnover between Georgia and Azerbaijan amounted to $1.1 billion last year. Georgian exports to Azerbaijan amounted to $502.7 million, while Azerbaijan exported goods worth $586 million to the country.

Georgian exports to Azerbaijan mainly include cement, locomotives and other railway vehicles, mineral and chemical fertilizers, mineral waters, strong drinks, glass and glassware, pharmaceuticals, etc. Azerbaijan mainly exports oil and oil products, natural gas, electricity, plastic, cement, anhydrite and gypsum binders to Georgia.

In 1995-2018, Georgia invested $93.8 million in Azerbaijani economy and Azerbaijan invested $3 billion in Georgia. Since 2012, Azerbaijan is in the first place in terms of investments in Georgia. More than 300 Georgian companies are registered in Azerbaijan, while about 650 Azerbaijani investment companies, especially SOCAR, operate successfully in Georgia.

Azerbaijan was named the number one investor in Georgia in 2018. Last year, Azerbaijan invested $240 million in Georgia's economy. Azerbaijan's share in direct investments in the economy of the neighboring country was 19.5 percent. Although this is 1.9 times less than in 2017, Azerbaijan maintained its leadership.

The two countries maintain high-level relations in all spheres, especially in the economic field. They have forward-looking joint initiatives for global projects in the region. Close bilateral ties play a key role in the development of regional cooperation.

The legal framework between Azerbaijan and Georgia includes more than 100 agreements on bilateral cooperation. Currently, preparations are underway to sign another 16 agreements on cooperation in various fields.

The two countries broadly cooperate in regional energy development, transportation and economic partnership projects such as Southern Gas Corridor, Baku-Tbilisi-Ceyhan pipeline (BTC), Kars-Tbilisi-Baku railway (BTK), TRACECA, and BSEC.

URL: http://www.today.az/news/business/184724.html

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