Today.Az » Business » Azerbaijan, Italy to discuss economic ties in Intergovernmental Commission
13 January 2020 [17:26] - Today.Az
By Rasana Gasimova
The 5th meeting of the Azerbaijani-Italian Intergovernmental Commission on economic cooperation will be held in Rome on January 14.
Azerbaijan’s Energy Minister Perviz Shahbazov and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano will meet in Rome to discuss expansion of cooperation in trade, economy, energy, logistics and infrastructure sectors, as well as in the field of agriculture, culture and tourism, the Ministry of Energy told local media.
A session will also be held to discuss investment opportunities and cooperation prospects of the two countries. Representatives of the Azerbaijan Export and Investment Promotion Fund (AZPROMO), the Agency for the Development of Small and Medium Businesses (SMEs), Azerbaijan’s State Oil Fund of and relevant Italian structures will participate at the session.
The final protocol will be signed following the meeting.
As part of the event, Parviz Shahbazov will hold meetings with Italian Minister of Economic Development Stefano Patuanelli, as well as representatives of Ansaldo Energia, Maire Tecnimont, Technip FMC, DBA Group and Alstom Italia companies.
Italy and Azerbaijan are strategic partners in the energy sector.
Italy is one of the main buyers of Azerbaijani oil. Italian company Eni has been involved in several projects on the operation of oil and gas fields in Azerbaijan since 1995, which laid the foundation for economic cooperation between countries. Since 1999, Italy has been receiving a large part of Azerbaijani oil exported through the Baku-Supsa pipeline and through the Baku-Ceyhan.
In 2004, the countries signed a Joint Declaration for the establishment of an Italian-Azerbaijani Council for Economic, Industrial and Financial cooperation.
In 2006, the first meeting of Azerbaijani-Italian Intergovernmental Commission on economic cooperation was convened.
Italy is an important economic and trade partner of Azerbaijan. Italy accounts for about 20 percent of our trade turnover with foreign countries.
Azerbaijan will also supply gas to Italy through the Trans Adriatic Pipeline (TAP), which is the main part of the Southern Gas Corridor (SGC).
Azerbaijan exports mainly oil and oil products to Italy, as well as chemical industry products, while Italy supplies products, light and food industry products to Azerbaijan.
As many as 95 Italian companies, which participate in 41 contracting projects under interstate agreements, have been registered in Azerbaijan. In total, the investments of Italian companies in Azerbaijan have amounted to about $530 million, and the volume of Azerbaijani investments in Italy is estimated at $135 million.