SECO: Swiss companies can facilitate developing Azerbaijan's non-oil sector

By Azernews

By Mirsaid Ibrahimzade

Azerbaijan and Switzerland enjoy fruitful cooperation in a number of spheres such as transport, energy and non-oil sector. Activities of bilateral intergovernmental trade and economic commission also make precious contribution to further development of these ties.

In the process of diversifying Azerbaijani economy, Swiss companies can become valuable partners in the development of the country's non-oil sector, State Secretariat for Economic Affairs (SECO) of Switzerland told Trend.

SECO said that the rich experience of Swiss companies working in the field of infrastructure and transport could make a significant contribution to the development of Azerbaijan as a transit hub.

The State Secretariat noted that bilateral economic relations between Switzerland and Azerbaijan are at a high level, but still have the potential for further development.

SECO stated that the trade volume between the countries amounted to 237 million Swiss francs ($241.17 million) in 2018. The State Secretariat added that long-term technical and economic cooperation improved relations between the countries.

Trade turnover between the two countries reached $881 million in January-May 2019, which is 8.8 times more than within the first five months last year. Moreover, 52 percent of Switzerland’s total trade turnover in the South Caucasus accounted for Azerbaijan.

“Switzerland is also a long-term supporter of the financial sector development in Azerbaijan,” SECO said.

Besides, the State Secretariat emphasized that according to the IMF’s updated statistics, Switzerland is the 14th investor in Azerbaijan, having invested $364 million by the end of 2017.

In general, Switzerland invested about $851.9 million in Azerbaijan’s economy within 1992-2018.

SECO underlined that one of the major investors within the non-oil sector of Azerbaijan is the Swiss company Holcim, engaged in cement production.

In turn, Azerbaijan state oil company SOCAR is a main Azerbaijani investor in Switzerland. The company successfully operates in Switzerland. Since 2012, SOCAR has been operating ESSO Switzerland's 172 petrol stations under its brand.