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 state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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