Azernews.Az

By Kamila Aliyeva

Azerbaijan and Ukraine can bring mutual trade to $1 billion in the near future, according to the Ministry of Economic Development and Trade of Ukraine.

The ministry noted that in 2017 the trade turnover between the two countries increased by 2.7 times compared to 2016 and amounted to $772.1 million.

For five months of 2018, the trade turnover grew by 43 percent, thus reaching $ 356.72 million, according to the data of the State Statistics Service of Ukraine.

“Given such growth rates, we can safely assume that the volume of mutual trade in the near future will exceed $1 billion,” the ministry told Trend on August 2.

As for economic cooperation in general, the ministry noted that both countries have identified priority sectors of the economy for joint investment and production cooperation.

“This primarily concerns the chemical industry, metallurgy, engineering and agro-industrial complex,” the ministry said.

Recently, Azerbaijan and Ukraine are actively developing economic cooperation. In June of this year, the first Trade House of Azerbaijan was opened in Kiev, analogous houses are planned to open in other cities of the country.

Direct investments from Ukraine to Azerbaijan exceed $25 million, and from Azerbaijan to Ukraine - $200 million. Ukraine is one of the main trade and economic partners of Azerbaijan. The contractual and legal framework between the countries accounts for about 120 documents.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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