Azerbaijan and Italy at the round table

September 5, during the working visit of Azerbaijan's President to Italy. The event, supported by Italy's Ministry of Enterprises and "Made in Italy," Azerbaijan's Ministry of Economy, the Azerbaijan Export and Investment Promotion Agency (AZPROMO), and Italy's leading industrial association Confindustria, brought together officials and business leaders to explore economic cooperation beyond the energy sector.

The round table saw the participation of about 40 entrepreneurs from both nations, representing industries such as energy, chemicals, automotive, engineering, pharmaceuticals, agriculture, metallurgy, and construction. Notably, Azerbaijan's Economy Minister Mikail Jabbarov underscored Italy’s role as Azerbaijan's largest trading partner, highlighting the strategic importance of the relationship. He pointed to Italy’s active involvement in Azerbaijan's post-conflict reconstruction efforts, particularly in the territories liberated from occupation, as a key area of cooperation.

Jabbarov emphasized that "the discussions and agreements reached during the event will further strengthen our ties and open up new opportunities for collaboration." His remarks were echoed by Adolfo Urso, Italy's Minister of Enterprises and "Made in Italy," who praised the strong energy partnership between the two countries while urging for greater focus on the non-oil sectors.

Representatives from both governments and private enterprises shared their visions on fostering partnerships across priority sectors, including industry, renewable energy, infrastructure, and pharmaceuticals. Yusif Abdullayev, Executive Director of AZPROMO, and Orkhan Mammadov, Chairman of the Management Board of the Agency for the Development of Small and Medium-Sized Businesses (KOBIA), outlined Azerbaijan's export potential and investment opportunities, underscoring the country's interest in expanding non-oil trade with Italy.

Several Memoranda of Understanding (MoUs) were signed during the event. Notable agreements included a collaboration between the Italian company Dromont Comec and Azerbaijan’s Matanat A, as well as joint projects involving Leonardo Electronics and Improtex Industries LLC. These partnerships will focus on new production initiatives, research and development projects, and technical expertise sharing.

In addition to the formal discussions, the Azerbaijani delegation met with key Italian trade entities, including Annatura, a company specializing in agricultural technologies, and Scorpio Group, alongside Italy's agricultural organization Coldiretti. These meetings addressed potential synergies in agriculture, a sector ripe for development in Azerbaijan’s diversification strategy.

Despite Azerbaijan’s robust energy trade with Italy—15.2 billion US dollars of oil and gas exports accounted for the bulk of the 15.7 billion US dollars in bilateral trade in 2023—non-oil sectors remain relatively underdeveloped. Both sides acknowledged the need to correct this imbalance.