Switzerland is interested in expanding cooperation with Azerbaijan, whose potential is great, said at a meeting with Minister of Economic Development Shahin Mustafayev in Baku on April 12, Federal Adviser, Head of the Federal Department of Economic Affairs, Education and Research, Johann Schneider-Amman.
The press service of the Ministry of Economic Development after the meeting said that the head of the delegation of the Swiss Government urged businessmen accompanying him and the Azerbaijani private sector to tap the potential business cooperation.
The Minister, in turn, mentioned the role of the joint governmental commission on trade and economic cooperation in the development of relations between the two countries. There has been established the legal basis of these relations: there are more than 29 bilateral agreements.
In Azerbaijan, there are more than 700 companies with Swiss capital. These companies invested in the economy of investments totaling $ 877 million special place among these companies is the company "Holcim". Azerbaijani companies are also showing interest in the Swiss economy. Only SOCAR has invested in the economy of this country 380 million Swiss francs. Trade turnover between the two countries for the first two months of this year increased by 2.9 times, Mustafayev said.
According to the State Customs Committee of Azerbaijan, in 2012 the trade turnover between Azerbaijan and Switzerland was $ 215 million, a decrease of 40%. Azerbaijan had a negative balance of trade with Switzerland in the amount of $ 51 million. - 08D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review