Azernews.Az

By Ayya Lmahamad

Azerbaijan has invited Ukrainian businessmen to actively invest in the liberated territories and implement innovative projects.

The remarks were made at a round table held as part of the Ukrainian-Azerbaijan Business Council. The roundtable was arranged by Azerbaijan’s Small and Medium Business Development Agency and the Ukrainian Commerce and Industry Chamber.

During the roundtable, the parties discussed the current state of business ties and prospects for investment and cooperation. The information was provided on the economic and investment potential of Azerbaijan’s liberated territories.

Speaking at the event, Agency’s Board Chairman Orkhan Mammadov stressed the development of bilateral economic ties and noted the importance of the Business Council in establishing direct contacts between two countries’ SMBs.

He noted that SMBs are the driving force of economic development and can be active participants in innovative progress.

Mammadov underlined that the agency can provide Ukrainian businessmen with the necessary information and consulting services to stimulate cooperation between SMBs.

In turn, Ukrainian ambassador Vladislav Kanevsky stressed the successful development of relations between the two countries in various fields, including the economic one. He added that the sectoral discussions, arranged as part of the Business Council, would be important for establishing new partnerships and expanding bilateral ties in trade, investment, and other areas.

The event, dedicated to the agro-industrial complex and land reclamation, was attended by officials and businessmen from Azerbaijan and Ukraine, engaged in the appropriate activities.

The Ukrainian-Azerbaijan Business Council was created to expand economic and investment ties between the two countries and collaboration between businessmen. The council, created on the initiative of Azerbaijan’s Small and Medium Business Development Agency and the Ukrainian Chamber of Commerce and Industry, is represented by more than 70 businessmen and representatives of government organizations acting in various sectors of the economy. The first meeting of the council was held in June 2021.

Ukraine was Azerbaijan's second-largest trade partner among the CIS countries with a trade turnover amounting to $771.5 million in 2020. Of the total turnover, export from Azerbaijan to Ukraine amounted to $353 million, while imports from Ukraine amounted to $418.4 million. In addition, the trade turnover between the two countries amounted to $646.7 million in January-September 2021.

Additionally, Ukraine was among the countries to voice support to Azerbaijan over its just position and its territorial integrity during the 44-day Second Karabakh War with Armenia in 2020. Ukrainian companies expressed their interest in reconstructing Azerbaijan’s liberated territories.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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