Azernews.Az

By Nigar Orujova

The preparation of the intergovernmental agreement between Azerbaijan and the Netherlands on the promotion and mutual protection of investments is close to completion.

The news was announced by Azerbaijani Minister of Economy and Industry Shahin Mustafayev at the Azerbaijani-Dutch business forum in Baku on April 23.

"Successful and effective political ties between our countries have created opportunities for expanding economic cooperation. Currently, around 170 Azerbaijani entrepreneurs operate in the Netherlands, while 108 Dutch companies operate in Azerbaijan," Mustafayev said.

Mutual interest is as high as the interaction potential, he added.

"Trade turnover between our countries increased by 24 percent in 2013. This trend has continued in the first quarter of 2014. Trade turnover between Azerbaijan and the Netherlands has increased by almost 20 percent compared to the same period in 2013," he added.

Dutch companies have made nearly $670 million direct investments in Azerbaijan's economy and rank fourth on this index among the countries investing in Azerbaijan, Mustafayev said.

Speaking at the forum, Azerbaijani Deputy Foreign Minister and rector of ADA University Hafiz Pashayev said business forums are the best way to promote business.

He called the cooperation between the ADA and Maastricht school of management exceptional, adding that it has already borne fruit in the form of a joint educational program, which benefited about 30 Azerbaijani students last year.

The program was decided to extend to the coming year.

"Any cooperation and contacts that already exist and those that will be established are built on knowledge. And I think that this business forum will be helpful for you. I am glad that our university has also played a role in it," Pashayev said.

Bilateral economic relations are developing gradually between the two countries.

Trade turnover between Azerbaijan and the Netherlands amounted to $320 million in 2013. Dutch companies are mainly investing in the non-oil and non-financial fields, and the country made investments worth about $180 million in Azerbaijan last year.