The official opening of the Azerbaijan-Israel chamber of commerce and industry is expected in the near future.
The Israeli government considers the activity of the chamber of commerce very important and is ready to provide its utmost support for its operation, head of the economic affairs department at Israel's Foreign Ministry, Asher Yarden, said at the first meeting of the founders of the Israeli-Azerbaijani chamber held in Tel Aviv.
The meeting was attended by over 85 percent of the founders of the chamber. Representatives of a number of ministries and the international federation of trade chambers attended as well.
Alex Kaplun, who is the initiator of establishing the Israel-Azerbaijan chamber of commerce, was elected its president and chairman of the board of directors.
During the meeting the board of directors and the executive director of the chamber were also elected.
"This is another step towards the development of economic and cultural relations between Israel and Azerbaijan," Kaplun said, noting that the opening ceremony of the chamber will be held both in Tel Aviv and Baku in the near future.
The chamber head termed the establishment of the trade chamber as an important economic development for the two countries and called on the state-run and private bodies of Azerbaijan to join and support the newly established organization.
According to Kaplun, a meeting of the board of directors will be held in the coming days and prompt decisions will be made there on launching the organization's activity.
The focus of the chamber's work will be high technologies including telecommunication technologies, IT technologies, cyber security, mobile and internet applications.
Israel recognized the independence of Azerbaijan on December 25, 1991. Diplomatic relations between the two countries were established on April 6, 1992.
In 2012, the trade turnover between the two countries was $4 billion.
Azerbaijan plans to sign an agreement on canceling double taxation and cooperation in the agriculture sector, and an agreement on simplification of the visa regime for persons with diplomatic and service passports.
Azerbaijan and Israel are focusing on many areas, and the four areas that will be relevant are telecommunications, agriculture, water supply and medical technologies.
Israel recently discovered gas fields onshore and intends to use the experience of Azerbaijan in this regard. Israel is also willing to assist Azerbaijan in the diversification of its economy.
According to the Foreign Ministry of Azerbaijan, about 42,000 Jews live in the South Caucasus republic.