Trade turnover between Azerbaijan, Switzerland jumps by 82pct

By Azernews

By Sara Israfilbayova

The trade turnover between Azerbaijan and Switzerland has increased by 82 percent in the first five months of 2018.

Azerbaijani Economy Minister Shahin Mustafayev said during the Azerbaijani-Swiss business forum held in Baku on July 9, adding that Azerbaijan has increased its exports to Switzerland by 42 percent during the reporting period.

He went on to say that to date, Switzerland has invested $730 million in the economy of Azerbaijan, further noting there are over 70 companies with Swiss capital in the country.

The minister mentioned that Azerbaijan’s non-oil exports to Switzerland are also gradually increasing. In general, Switzerland occupies one of the leading places in the non-oil export of Azerbaijan.

“Investment cooperation is actively developing between the two countries, which is also confirmed by the volume of Azerbaijani investments in the Swiss economy, which reached $1.2 billion, most of which comes from investments of the Azerbaijan’s energy giant SOCAR,” Mustafayev underlined.

Switzerland recognized Azerbaijan as an independent state on 23 December 1991. Diplomatic relations between the two states were established on 21 January 1992.

Relations between Switzerland and Azerbaijan are characterized by open dialogue and are based on several key areas including energy policy, cooperation in the international financial institutions and development cooperation.

Azerbaijan is Switzerland’s main trading partner in the South Caucasus. Switzerland mainly exports jewellery products (precious stones, precious metals), machinery, watches, and pharmaceuticals to Azerbaijan.

Several Swiss companies are implementing their activities in Azerbaijan. A Swiss company is involved in the construction of the Trans Adriatic Pipeline (TAP), a project that will transport Azerbaijani natural gas to Italy via Georgia, Turkey, Greece and Albania by the end of the decade.

The Azerbaijani state-owned energy company SOCAR operates in Switzerland. On 1 July 2012, SOCAR Energy took over the ESSO Switzerland network of 160 petrol stations, which it operates under the SOCAR brand.

The trade turnover between the countries amounted to $240 million in first five months of the year, an increase of 46 percent compared to the indicator of 2016.