Azerbaijan, Belgium eye expansion of business co-op

By Azernews

Azerbaijan and Belgium have discussed joint initiatives to expand cooperation between the two countries' businesses.

The discussion took place during the meeting between Azerbaijan's Agency for Small and Medium Business Development Board Chairman Orkhan Mammadov with Belgium Ambassador Michel Peetermans.

During the meeting, the parties also exchanged views on the visit of the Agency's representatives to Brussels to expand relations and exchange experience with relevant Belgium and EU agencies.

Azerbaijan's Small and Medium Business Development Agency continues to hold meetings with local and foreign entrepreneurs in order to expand relations and implement new business initiatives.

Bilateral diplomatic relations between Belgium and Azerbaijan were established on June 17, 1992. Azerbaijani embassy started its work in Belgium in April 1995, and the Belgian embassy in Azerbaijan in November 2007. This year marks the 30th anniversary of the establishment of diplomatic relations between Azerbaijan and Belgium.

Belgian companies are operating in Azerbaijan in the fields of trade, transport, communication, construction, design works, as well as in the production of agricultural and food products. Among the products that Azerbaijan exports to Belgium are gas, oil, chemical products, etc. In turn, Belgium exports to Azerbaijan various equipment, machinery, electrical goods, medical devices, etc.

The trade turnover between Azerbaijan and Belgium amounted to $91.4 million in 2021. In addition, the trade turnover between the two countries amounted to $19.8 million in the first quarter of 2022.