Development of the non-oil sector in Azerbaijan will open up new interesting opportunities for Austrian companies, a source within the Austrian Federal Ministry for Digital and Economic Affairs told Trend on September 30.
“Azerbaijan’s strategy to develop the non-oil sector and to focus on sectors such as infrastructure, water supply, renewable energy, agriculture, expansion of the railway system and environmental protection will open up new areas of cooperation and interesting opportunities for Austrian companies in the future,” the Austrian ministry has said.
The ministry stressed that Azerbaijan is Austria’s important partner in the Caucasus region.
“The volume of trade between Azerbaijan and Austria reached 422 million euros in 2018. There is potential for the development and intensification of economic relations between Austria and Azerbaijan. Oil and oil products account for 99.9 percent of imports to the country from Azerbaijan. The structure of Austrian exports to Azerbaijan is more diverse and includes machines and equipment, iron and steel, medical and pharmaceutical products,” the ministry further said.
The economic ties between Austria and Azerbaijan cover mainly the spheres of the economy, energy, agriculture, transportation, tourism and construction.
Azerbaijani exports to Austria reached $330 million in 2018. Azerbaijan mainly imports water, pharmaceutical products and iron, and steel products from Austria.
The highest level of trade turnover between the two countries was registered in 2015, when it amounted to 525 million euros.
Austrian companies invested $73 million in Azerbaijan’s economy, while Azerbaijan invested $60 million in the economy of Austria.
Presently, about 50 Austrian companies operate in industry, construction, trade, service, banking and insurance, transport and other spheres in Azerbaijan.
Austria supports Azerbaijan’s role in the diversification of energy supplies to Europe and highly appreciates energy projects implemented by Azerbaijan in this direction. Austria expects gas volumes from Azerbaijan to be delivered via Georgia, Turkey, Greece, Albania, Bulgaria, Italy further to European countries including Austria when the Southern Gas Corridor will be fully put into operation.
