By Trend

The EU is the biggest investor in Azerbaijan’s oil and non-oil sectors, Trend reports with reference to the 2019 edition of the EU Business Climate Report Azerbaijan on July 12.

According to the report, the EU is the biggest partner of Azerbaijan in the trade sphere.

“The EU share in Azerbaijan’s trade was 41.7 percent in 2018,” reads the report. “The EU is the biggest export (54.3 percent) and import (20.3 percent) market for Azerbaijan.”

The five priority reforms proposed in the 2019 edition of the EU Business Climate Report Azerbaijan include an even greater increase in transparency in the tax and customs spheres, ensuring the needs of companies in the field of education, ensuring transparency in the legal sphere and increasing transparency and stability in the financial sphere.

Since 2011, 33 EU regional programs worth 497 million euros have been implemented in Azerbaijan, alongside 17 twinning projects, 63 grant projects and 21 technical support programs. As many as 26 framework agreements were signed between the parties.