The Austrian companies could increase investments in Azerbaijan, if more comprehensive legal protection was provided, said the Austrian Ambassador to Baku Axel Wech in an interview with Caspian Energy.
According to him, with reference to the Caspian European Club (CEIBC), Azerbaijan should diversify its economy, as its trade surplus is based on oil and gas resources. "The export of oil and gas to Austria is 92% of the trade turnover between our countries," the Ambassador said, noting that "it is important to diversify that."
In the bilateral economic relations, it makes sense to focus on agriculture, turning the Caspian country not only into an agricultural industry products supplier, but also a transport hub.
According to him, the leadership of the majority of the companies with which he talked expressed their intention to continue their activities in Azerbaijan, with the intention to cooperate in the long term, despite the global crisis. In addition to the agricultural industry, they are interested in the development of the local areas of tourism, construction, environmental technology, ICT and infrastructure.
Among the plans there is a visit of the Minister of Agriculture of Austria to Baku in June, as well as a visit of a new parliamentary group on the bilateral friendship and cooperation this year. --17D-
Economics
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Azerbaijan’s rice imports have surged as domestic production struggles to meet growing demand, underscoring the country’s reliance on foreign suppliers. Despite government initiatives to boost output, local production remains stagnant, with only 10,000 tons expected in the 2024-2025 season, while imports reached 55,961 tons between January and October 2024.
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Azerbaijan and Pakistan have signaled a growing commitment to deepen energy cooperation, with a focus on renewable energy initiatives, as Azerbaijani Energy Minister Parviz Shahbazov hosted a delegation led by Pakistani Federal Minister Abdul Alim Khan in Baku on January 30.
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Oil from Kazakhstan's largest field, Kashagan, has begun flowing into the Baku-Tbilisi-Ceyhan (BTC) pipeline. According to information from SOCAR, the first batch of this oil was received at the Sangachal terminal on January 27 and will be transported via BTC to the port of Ceyhan.
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Azerbaijan is accelerating the implementation of its socio-economic development strategy, focusing on digital transformation and strengthening cybersecurity. The government is allocating resources to human capital development, prioritizing the training of cybersecurity professionals, said Farid Osmanov, Chairman of the Board of the Innovation and Digital Development Agency, on January 30 during the fourth “Graduation Day” of the Azerbaijan Cybersecurity Center (AKM).
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