Baku to host EU-Azerbaijan business forum

By Azernews

The European Union-Azerbaijan business forum will be held in Baku on May 17, 2022.

The forum will be organized by the EU representation office in Azerbaijan together with COWI Belgium, the Azerbaijani-French Chamber of Commerce, the Italian-Azerbaijan Chamber of Commerce, InvestBaku, and AZPROMO.

The EU-Azerbaijan Business Forum is an international event aiming to enhance economic cooperation between the EU and Azerbaijan, create effective links, exchange views between companies, and support economic diversification and enlightenment.

The EU and Azerbaijan have cooperation in different fields of economy.

It should be noted that the EU invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021. Azerbaijan’s trade turnover with the EU amounted to $9.3 billion last year, which is 38 percent of the country’s foreign trade. The Delegation of the European Commission to Azerbaijan was opened in Baku in February 2008.

Azerbaijan started commercial gas supplies to Europe through the Trans-Adriatic Pipeline (TAP) on December 31, 2020.

A joint statement on energy cooperation with the EU had been signed more than ten years ago. The EU-Azerbaijan energy cooperation had reached a new level and is still ongoing within the framework of the Southern Gas Corridor. The EU places a high value on energy supply diversification, and the Southern Gas Corridor is particularly important in this regard. In 2021, European countries purchased 8.2 billion cubic meters of gas, with an increase in volume expected in the coming years.