On Friday a press conference was held in Baku on the results of bilateral meetings of Azerbaijani and Italian entrepreneurs. According to the President of the Italian Agency for the Support of Foreign Trade Activities, Riccardo Monti, his country is very interested in a qualitative change in the level of relations with Azerbaijan - the five-time deficit in turnover formed as a result of oil supplies to the Apennines has been overcome not occasionally.
Businessmen in Italy are able to support local businesses in the issue of raising the real economy - public and private companies of this company this year alone invested more than $ 480 million, a quarter of which ($ 120 million) is in the non-energy sector.
According to figures from the State Customs Committee of Azerbaijan, by September 1, the mutual trade turnover between Azerbaijan and Italy totaled $ 1.95 billion (traditionally a leading position among partner countries through the sale of crude oil), or 13.86% of the total turnover of the country. --17D-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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