150 Swiss gas stations work for SOCAR

From 1995 to 2014 Switzerland directly invested $185.3 million in the non-oil sector of Azerbaijan and trade between the two countries in 2013 increased by 8.5 % compared with 2012, said the press release of the Ministry of Economy and Industry of the Republic of Azerbaijan.

According to the head of the Ministry Shahin Mustafayev during the 6^th meeting of the intergovernmental commission for trade and economic cooperation in Bern, the country has 81 companies with Swiss capital. In the scope of their interests there is primarily trade in services. In addition, they are engaged in manufacturing, construction, communications, transportation and finance.

"The necessary legal base has been created and more than 20 bilateral agreements have been signed, including those on mutual encouragement and protection of investments, trade and economic cooperation, and avoiding double taxation,” the minister said.

Among other things, Switzerland provided Azerbaijan grants totaling $ 70 million. In particular, the Swiss State Secretariat for Economic Affairs (SECO) participated in 32 projects in Azerbaijan (including regional), the implementation of 15 of which has been completed.

In turn, Azerbaijan also invests in Switzerland and other leading European countries. Thus, the State Oil Company (SOCAR) has acquired the Swiss representative of ExxonMobil - Ecco Schweiz Company and operates 150 filling stations in the country, Mustafayev said.

Bilateral ties have not exhausted the potential. There are opportunities for expanding cooperation in industry, agriculture, the financial and banking sector, tourism and so on. Joint exhibitions, fairs and business forums will encourage business activity, the minister stressed. -17D-