TODAY.AZ / Business

Poland's investment in Azerbaijan disclosed

09 September 2019 [11:53] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan is an important partner of Poland in the South Caucasus region, and Poland attaches a particular importance to boost its economic cooperation with Azerbaijan.

As of today, Poland has invested $20.4 million in the economy of Azerbaijan, Elnara Mammadova, head of foreign trade office of Polish Investment and Trade Agency in Baku, told Trend.

She added that Azerbaijan, in turn, invested $10 million in the Polish economy.

Mammadova noted that 18 Polish companies are currently operating in Azerbaijan in the fields of services, industry, trade etc.

She stressed that a solid legal framework has been created for bilateral cooperation, adding that about 50 bilateral documents were signed between the two countries, including important documents such as those on investment promotion and mutual protection, elimination of double taxation and economic cooperation.

As for trade relations, Mammadova noted that the trade turnover between Poland and Azerbaijan amounted to $95 million in 2018. Polish exports to Azerbaijan increased by 12 percent, totaling $81 million, while imports from Azerbaijan amounted to $14 million, an increase of 6 percent.

“Of course, this growth is evaluated positively, but, given the existing potential, the main goal is to further increase the volume of trade and diversify its structure,” she added.

Mammadova further pointed out that Azerbaijan is becoming an increasingly important political and economic partner of Poland in the South Caucasus region.

“Taking into account the potential of the Azerbaijani market, the foreign trade office was opened in Baku in July 2018,” she said, adding that since the start of operation, the trade office has rendered services to 233 Polish and 45 Azerbaijani companies.

The companies operating in various fields such as food, cosmetics, medicine, construction, IT technologies etc. address the office, she noted.

Mammadova underlined that the trade office in Baku has organized a number of events to establish business contacts between the two countries.

She also pointed to the Azerbaijani-Polish business forum, held in May 2019, with the participation of the presidents of both countries.

“The event was attended by about 100 representatives of Polish and Azerbaijani companies. As part of the forum, seven memorandums of cooperation were signed, which will play a positive role in expanding trade and economic cooperation between the countries,” Mammadova said.

The foreign trade office of the Polish Investment and Trade Agency is operating in Baku to support both Polish entrepreneurs operating on the Azerbaijani market and Azerbaijani companies who plan to invest in Poland.

Azerbaijan and Poland have great prospects to expand cooperation in the agricultural, industrial, ICT, tourism and energy sectors.

Poland-Azerbaijan Chamber of Commerce and Industry, headquartered in Warsaw, was established in 2017 by the initiative of Polish and Azerbaijani entrepreneurs to support businessmen, provide them expert advice and a wide range of services.

Trading House of Azerbaijan opened in Warsaw in December last year to promote export of Azerbaijani products, organize sales of local products in Poland, and coordinate these activities with entrepreneurs.

Presently, Poland attaches particular importance to the cooperation in transport. The first meeting of the working group on transport and logistics between Azerbaijan and Poland was held in Warsaw in early 2019 to discuss the possibilities of cooperation in the field of highways and railways, maritime transport, transit and postal services.

URL: http://www.today.az/news/business/186109.html

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