Spanish companies can take opportunity of doing business in Azerbaijan

/By Azernews/

By Amina Nazarli

Azerbaijan has invited Spanish companies to become residents of agro-parks, which are being created in the country.

The remark was made by Economy and Industry Minister Shahin Mustafayev as part of the Azerbaijan-Spain business forum held in Baku on April 26.

The forum organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) was attended by officials, as well as about 130 entrepreneurs from both countries.

The delegation was led by Spain's Minister of Industry, Energy and Tourism Jose Manuel Soria.

Speaking at the forum Mustafayev said Azerbaijan has recently taken important steps to improve the business environment, and now the country has created all necessary conditions for foreign firms, including Spanish companies.

The minister said Azerbaijan is interested in cooperation with Spanish companies in various spheres of the non-oil sector, underlining that Spain has rich experience in agriculture.

Azerbaijan, with its advantageous climatic conditions and good opportunities to develop agrarian sector, has defined the establishment of agro-parks among its priorities to boost the agriculture development.

In this regard, the country's Economy Ministry has approved an action plan to develop agrarian sector in 2016, which stipulates creation of agro-parks in the Azerbaijani regions.

Currently, the establishment of agro-parks nears completion in Shamkir and Khachmaz regions, which will allow to expand domestic supply and support the exports.

Mustafayev further went on to say that the two countries can also cooperate in light industry, in particular textile industry.

"Spanish companies have extensive experience in this field, and Azerbaijan has all conditions for the development of light industry," said the minister.

He highlighted the importance of an agreement signed on avoidance of double taxation for the development of relations between the two countries.

“The volume of trade turnover amounted to $380 million between the two countries. This figure cannot meet out expectations, as we have potential to increase trade turnover and its structures,” he said.

Touching upon tourism sector, Mustafayev expressed confidence that both countries have great potential for cooperation in this field.

The minister added that presence of direct flights between Baku and Barcelona may also contribute to this.

"With direct air service, we can work on attracting Spanish tourists to Azerbaijan," he emphasized.

Mustafayev praised the relations between the two countries in a variety of fields. He stressed the importance of the Azerbaijani-Spanish business forum held two years ago in terms of expanding the relations, and expressed confidence that Jose Manuel Garcia-Margallo`s visit would also contribute to the development of cooperation between the two countries.

Garcia-Margallo, in turn, said he has eye-witnessed rapid development in Azerbaijan. The Spanish minister emphasized the main driver of this development was the political and macroeconomic stability.

Some 12 companies with Spanish capital, operating mainly in the fields of construction, agriculture and services have been registered in Azerbaijan.

The trade turnover between Azerbaijan and Spain stood at 37.85 million manats ($25,24 million) in the first quarter of 2016, according to Azerbaijan's State Customs Committee. This is while 26.13 million manats ($17.42 million) accounted for the export of Azerbaijani products to this country.