/By AzerNews/

By Nigar Orujova

Trade turnover between Azerbaijan and the Czech Republic has reached 1.5 billion euros in 2014 on the background of successful economic cooperation in recent years, the Czech embassy in Baku reported.

Jan Mladek, Industry and Trade Minister of the Czech Republic, will pay an official visit to Azerbaijan on March 3 to discuss further development of economic cooperation, according to the embassy report.

During the visit, Mladek will meet with Shahin Mustafayev, Economy and Industry Minister, and other members of the Azerbaijani government.

The visit will also include a business forum to be attended by 32 Czech companies and banks.

The event will be organized by the Foundation for the Promotion of Export and Investments, established by the Azerbaijan Economy Ministry. The Chamber for Economic Relations with CIS will be organizers from the Czech side.

Twenty-three percent increases were marked in the trade cooperation between two countries last year in comparison with 2013.

The republic buys mainly oil in Azerbaijan, while supplying industrial equipment and consumer goods. Over the past 10 years, the Czech banks have provided loans in the amount of $ 1.5 billion to Azerbaijan.

The Czech Republic recognized the independence of Azerbaijan in January, 1992. Diplomatic relations between two countries were established in January 1993. Azerbaijan and the Czech Republic are interested in future development of mutual cooperation within UN, OSCE, NATO, EU and other international organizations.