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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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