Azerbaijan, Italy set to focus on further deepening all-out economic development

By Azernews

By Sabina Mammadli

Azerbaijani Economy Minister Mikayil Jabbarov and Italy’s Undersecretary at the Ministry of the Ecological Transition Vannia Gava discussed the successful development of economic partnership, especially in the energy sector, Azernews reports per the Economy Ministry.

During the meeting, Jabbarov noted the successful development of cooperation between Azerbaijan and Italy, the importance of mutual visits of presidents, and ongoing negotiations in expanding ties.

In turn, Gava emphasized the importance of productive discussions on expanding economic cooperation and shared her opinion on the directions for developing partnerships. She informed about the emerging demand for natural gas in Europe, also the interest in importing raw materials, and emphasized the importance of cooperation with Azerbaijan to this effect.

According to the ministry, the sides exchanged views on alternative energy, and cooperation in the restoration and reconstruction of Azerbaijan’s liberated territories.

The diplomatic relations between the two countries were established on May 8, 1992. The first embassy of Italy among the Southern Caucasus republics was opened in Azerbaijan in 1997 and the embassy of Azerbaijan in Italy has been functioning since 2003.

The two countries' trade turnover was $9.6 billion in 2021, with Italy being Azerbaijan's main trade partner.

Azerbaijan is a major supplier of energy resources to Italy. In Azerbaijan, over 100 Italian companies operate in various sectors. Further, Italian firms have contracts worth more than €10 billion ($11.8 billion) for Azerbaijani projects both inside and outside the country.

Azerbaijan's total investment in the Italian economy is estimated to be around €1.7 billion ($2 billion), with Italy investing approximately €770 million ($910.8 million) in Azerbaijan.

Further, Italy was one of the first countries to express support for Azerbaijan's territorial integrity, as well as an interest in participating in the restoration of Azerbaijan's liberated territories. Thus, Italy and Israel have already launched a joint project in the liberated Zangilan region.