Azernews.Az

By Nigar Abbasova

Over the past years, Switzerland and Azerbaijan have established a close partnership, as the bilateral cooperation relies on productive political framework. The two countries seek to further expand the economic partnership.

Swiss investors are interested in the real sector of Azerbaijan, said Philipp Stalder, Switzerland’s ambassador to Baku and Ashgabat as he met a delegation headed by President and Editor-in-Chief of Caspian Energy International Media Group Natalya Aliyeva.

The ambassador mentioned that currently a large number of Swiss companies are represented in different spheres of the Azerbaijani economy.

“One of the Swiss companies producing cement in its factory south of Baku is even the biggest source of FDI in the country’s non-oil sector. Another Swiss company, manufacturing specialty chemicals for construction and industry, has announced this spring its willingness to operate a new factory at Sumgait Chemical Industrial Park. So, there is an interest from Swiss investors in the real sector of the economy in this country”, he explained.

Speaking about the energy cooperation, the envoy noted that Switzerland very much welcomed and actively supported the selection of Trans Adriatic Pipeline) as the pipeline infrastructure of the Southern Gas Corridor, designed to bring Caspian gas to Europe.

“TAP which is a Swiss based consortium is a striking example of this fruitful cooperation in the energy sector”, Stalder added.

The ambassador further reminded that SOCAR is an active foreign investor and employer in Switzerland with its 160 pumping stations and its trade entity in Geneva.

“Compared to previous years, when bilateral trade amounted to nearly one billion Swiss francs ($1 billion), I see a wide untapped potential and considerable interest on both sides to increase the current levels of trade,” stressed Shtalder.

Currently, some 65 companies with Swiss capital are operating in the country. They have invested $220 million in the country's economy.

The Swiss State Secretariat for Economic Affairs has successfully implemented 30 projects worth $90 million in Azerbaijan. The secretariat itself has allocated $25 million of this amount.

Switzerland recognized the independence of Azerbaijan on 23 December 23, 1991. The embassy of the Republic of Azerbaijan was opened in Bern in October 2005. In 2001, Switzerland set up a cooperation office in Baku, where embassy operates since 2007.

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