The diversification of the economic and trade relations between Italy and Azerbaijan was discussed; a number of agreements were signed.

Within the framework of the Azerbaijani President’s working visit to Italy, the Italy – Azerbaijan Round Table was organized by the Export and Investment Promotion Agency – AZPROMO and the General Confederation of Italian Industry (Confindustria) with the support of Italy’s Ministry of Enterprises and “Made in Italy” and Azerbaijan’s Ministry of Economy. Along with officials from both countries, nearly 40 entrepreneurs operating in the fields of energy, chemical industry, automobile production, engineering, pharmaceuticals, agriculture, metallurgy, construction, food and others participated in the event.

Highlighting the strategic nature of the relations between the two countries, Minister of Economy Mikayil Jabbarov noted that Italy is Azerbaijan’s biggest trading partner. It was emphasized that Azerbaijan attaches great importance to strengthening the multifaceted economic cooperation with Italy, and as a result of that, numerous Italian companies are successfully operating in the country’s various economic areas, including in the liberated territories. The parties underlined that the discussions held and the agreements reached as part of the Round Table will further foster our relations and create new opportunities.

Addressing the Round Table, Adolfo Urso, Italy’s Minister of Enterprises and “Made in Italy”, and Emanuele Orsini, the President of the General Confederation of Italian Industry, talked about the strategic energy partnership between Azerbaijan and Italy and opportunities for developing the bilateral relations in the non-oil sector.

At the event, Yusif Abdullayev, the Executive Director of AZPROMO, Orkhan Mammadov, the Chairman of the Board of Directors of KOBIA, Ulvi Mansurov, the Executive Director of Azerbaijan Investment Company, Elkin Nurmammadov, the prorector of ADA University, provided information about Azerbaijan’s export and investment potential, delivered a speech regarding the joint beneficial activity directions. Moreover, discussions were held regarding fostering the cooperation in the fields of industry, renewable energy, infrastructure, transport, textiles, chemicals, pharmaceuticals and other priority sectors. The representatives of the companies of both countries exchanged views on establishing and developing the business partnership.

Within the framework of the event, Memorandums of Understanding were signed between AZPROMO and the General Confederation of Italian Industry (Confindustria), “Matanat A” company and Italy’s “Dromont Comec” company, “Improtex Industries” LLC and “Leonardo Electronics” company, Saloglu company and “Visionnaire – IPA” and “Biesse S.P.A.” The agreements envisage implementing new joint production and services, as well as research and development projects, as well as knowledge exchange.

As part of the visit, meetings were held between members of the Azerbaijani delegation and representatives of the Italian Trade Agency, “Annatura” company specializing in agricultural and food technologies, Scorpio Group and Italy’s Coldiretti agricultural organization. The parties discussed prospects for the mutually beneficial cooperation.