World Economy

Italians Invest $480m in Azerbaijan

Italians Invest $480m in AzerbaijanItalians Invest $480m in Azerbaijan

The volume of investments made by Italy in Azerbaijan’s economy has exceeded $480 million, Azerbaijan’s Deputy Minister of Economy and Industry Sahib Mammadov said Oct. 9. He made the remarks during a press conference on the bilateral meetings between the representatives of Italian and Azerbaijani companies, Trend news agency reported. The two countries have great potential to further develop their economic relations, the deputy minister said, adding that the relations between these countries are on the rise in all spheres, including in economy. Furthermore, Mammadov said that Italy is the main foreign trade partner of Azerbaijan. He pointed out that the trade turnover between the two countries exceeded $5 billion in 2014 and neared $1.8 billion in the first eight months of 2015. The deputy minister said that 66 companies with Italian investments operate in Azerbaijan and eight of them are the subcontractors in the projects financed by the public sector. He noted that very favorable investment and business climate has been created in Azerbaijan.