TODAY.AZ / Business

Azerbaijan, Switzerland have potential to boost trade

25 May 2016 [17:00] - TODAY.AZ

/By Azernews/

By Amina Nazarli

Azerbaijan, which is Switzerland’s most important trading partner in the South Caucasus, enjoy good ties, since the federal republic in Europe cooperates with the country for over 20 years.

Relations between the two countries are characterized by open dialogue and are based on several key areas including energy policy and finance.

Swiss investors are interested in the real sector of Azerbaijan. The country exports to Azerbaijan mainly comprise jewellery, watches, machinery, and pharmaceutical products. Jewellery products and fuels account for the bulk of its imports.

Trade and economic relations between the two countries are intensive.

Azerbaijani Ambassador to Switzerland Akram Zeynalli believes that the trade turnover between Azerbaijan and Switzerland does not reflect the full potential of the two sides and that there is a possibility for its extension.

”The trade turnover between the two countries constituted about 379 million Swiss francs in 2015, 212 million of which fell on the share of export from Azerbaijan. Although this is the highest indicator among the South Caucasus countries and one of the highest rates among the CIS countries, I think, it does not reflect the full potential of our countries,” he told Swiss edition of "Our Newspaper".

The diplomat said 65 Swiss companies are successfully operating in Azerbaijan, including giants such as Novartis, Holcim, Stadler Rail, ABB, etc. “It is noteworthy that the Swiss invest mainly in non-oil sector, where the Holcim is leading,” he said.

Several Swiss companies are operating in Azerbaijan, which have invested $220 million in the country's economy. Recently famous Swiss company SIKA joined the list of the foreign companies doing business in the country.

The company which plans to build a plant, producing construction mixtures has become a resident of the Sumgayit Chemical Industrial Park, with the aim to accelerate the economic and industrial production development of Azerbaijan’s non-oil sector.

A Swiss company is involved in the Trans Adriatic Pipeline (TAP) project that will transport Azerbaijani natural gas via Georgia, Turkey, Greece and Albania to Italy by the end of the decade.

“I also want to emphasize the activities of bilateral intergovernmental trade and economic commission, which meets every two years, examines the current state of economic relations and develop proposals for their improvement. The last meeting of the commission was held in Bern in May 2014 and in Baku this March.”

A harmonious tableau of beautiful images, Switzerland is one of the favorite destinations for many Azerbaijanis. In 2013, 2,500 Azerbaijanis applied for Swiss visa and a year later the number of applications has doubled, reaching 5,000.

Despite lack of a direct flight linking Azerbaijan and Switzerland creates certain difficulties, the two countries try to fix the issue.

To incentive trips, business and other contacts, the two countries have already completed the negotiations on visa facilitation for citizens of both countries, and the agreements are ready for signature, according to Zeynalli.

“But I want to clarify that we are not talking about the absolute abolition of visas, but about facilitation of issuance for certain individual categories, as well as the abolition of visas for holders of diplomatic and service passports” he added.

URL: http://www.today.az/news/business/151081.html

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