Baku, Prague ink co-op accord to boost investments

By Azernews

By Ayya Lmahamad

Azerbaijan’s Export and Investment Promotion Foundation (AZPROMO) and the CzechTrade Promotion Agency have signed a memorandum of understanding on cooperation.

The document was signed during the meeting of AZPROMO with the representatives of the Czech Embassy in Azerbaijan and the CzechTrade Promotion Agency.

The memorandum reflects the exchange of experience in the production of export-oriented goods and services, the promotion of investment projects and support for cooperation between entrepreneurs.

The document was signed by AZPROMO’s investment attraction department director Zohrab Gadirov and CzechTrade General Director Radomil Dolezal.

Additionally, during the meeting presentations were made on the joint activities of AZPROMO and Czech Trade.

Azerbaijan and the Czech Republic cooperate in different spheres of the economy. Around 30 companies with the Czech capital operating in Azerbaijan. The Czech Republic had invested $37.2 million in Azerbaijan, while Azerbaijan’s investment in the Czech Republic amounted to $48.2 million in 1995-2021.

On September 30, 2021, the Azerbaijani Energy Ministry and the Czech Republic’s Industry and Trade Ministry have signed an agreement on energy cooperation. The agreement envisages the expansion of bilateral cooperation in the spheres of oil and gas, petrochemicals, renewable energy, including bioenergy in the field of energy, and the establishment of relations between the relevant sectors in line with both countries' national legislation. The document also covers the development of energy efficiency and energy-saving cooperation in the residential sector and large energy enterprises, and the matters such as the mutual exchange of information and practices, training sessions, joint seminars, conferences, and forums.

It should be noted that the trade turnover between Azerbaijan and the Czech Republic amounted to $140.8 million in the first nine months of 2021.