By Azernews

By Ayya Lmahamad

Azerbaijan increased the trade turnover with Italy by $2.8 billion in January-October 2021, the State Customs Committee has reported.

During the first 10 months of the year, the trade turnover between the two countries amounted to $7 billion, with exports accounting for $6.6 billion and imports for $351 million. Thus, Italy was Azerbaijan's largest trade partner during the reported period. 

In January-October 2020, the trade turnover between Azerbaijan and Italy amounted to $4.2 billion.

It should be noted that last year Italy was Azerbaijan's main trade partner as well, with a trade turnover amounting to $4.5 billion. 

Azerbaijan is one of Italy’s main energy resources suppliers. Over 100 Italian companies, operating in various fields, are registered in Azerbaijan. In addition, Italian companies have contracts worth over € 10 bn ($11.8bn) for Azerbaijani projects both outside and inside the country.

Azerbaijan’s overall investment in Italy’s economy is estimated at around 1.7 billion euros ($2bn), while Italy invested about 770 million euros ($910.8M) in Azerbaijan.

Moreover, Azerbaijan accounts for more than 90 percent of Italy’s total trade with the South Caucasus countries. Azerbaijan is the main destination of Italian exports to the South Caucasus region, with a 7-percent increase in 2020 as well.

Additionally, Italy was one of the first countries that voiced its support for Azerbaijan’s territorial integrity and later on interest in participation in restoration works carried out in Azerbaijan's liberated territories. Thus, Italy and Israel have already started the implementation of a joint project to turn the liberated Zangilan region into a smart city.