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By Kamila Aliyeva

Azerbaijan is interested in expanding trade turnover and mutual investments with South African Republic.

This was stated by the head of Azerbaijan Export and Investment Promotion Foundation (AZPROMO), Rufat Mammadov at an event dedicated to the presentation of investment opportunities of South African Republic in Baku on February 28.

He said that there is already experience of cooperation in the economic sphere between the two countries.

“Five companies of the South African Republic, which operate in various spheres of economy, have been registered in Azerbaijan. Meanwhile, we are interested in further development and expansion of trade turnover and mutual investments. Private business should have a big role in our cooperation,” Mammadov noted.

He further spoke about the reforms in the economy of Azerbaijan and the diversification of the country’s economy.

AZPROMO head added that favorable business environment has been created in Azerbaijan.

“We do not put any restrictions on foreign companies and create favorable conditions for them. In fact, today Azerbaijan provides equal conditions for all market participants. We have an open economy, favorable for investments,” Mammadov said.

He also talked about transport projects implemented by Azerbaijan jointly with its partners, priority directions of economic development and invited companies of the South African Republic to invest in agriculture, tourism, construction, pharmaceuticals and other priority areas.

Ambassador of South Africa in Turkey and Azerbaijan Pule Isaac Malefane in turn, noted that the existing economic relations between Azerbaijan and South African Republic do not correspond to the available potential.

“Our diplomatic relations are at a very good level. This is facilitated by the presence of the Azerbaijani embassy in South African Republic, but our economic ties could be better. The presence of strong political ties, in my opinion, should serve as a basis for the development of economic relations,” said Malefane.

The sides signed a memorandum of understanding.

The document envisages the exchange of information on investment and trade opportunities between the two countries, Mammadov told Trend.

“At the same time, the document envisages the exchange of information on regulation of investment activity. The South African embassy will support the work of Azerbaijani companies in South Africa. In our turn, we will support the South African companies willing to work in Azerbaijan,” he said.

Mammadov said that in general, the memorandum covers cooperation in trade and investment promotion between the two countries.

The country’s trade turnover with the South African Republic amounted to $7.16 million in 2017, and its major part accounted for the import of goods of the South African Republic, according to the State Customs Committee of Azerbaijan. The trade turnover rose by 9.8 percent in 2017 as compared to 2016.

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

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