Bulgaria and Azerbaijan will look for new opportunities to promote bilateral trade relations

Bulgaria and Azerbaijan will look for new opportunities to promote bilateral economic relations. Both countries have great unrealized potential in the development of trade. This became clear during a meeting between the Minister of Economy and Industry Dr. Petko Nikolov and the Extraordinary and Plenipotentiary Ambassador of the Republic of Azerbaijan to our country H.E. Hussein Husseinov. A request was made by both sides to activate cooperation in sectors such as mechanical engineering, information and communication technologies (ICT), agriculture, transport, etc. During the meeting, the strategic energy partnership between the two countries was also highlighted. This was announced today by the Ministry of Economy.

The possibilities for the development of trade and economic relations and the prospects for joint investments were discussed. The two talked about the possibilities of increasing Azerbaijani investments in Bulgaria and the entry of more Bulgarian products into the market in Azerbaijan as a leading priority. In this regard, Minister Nikolov and Ambassador Husseinov agreed to work for the implementation of joint business forums, at which specific partnerships between businesses from both countries can be achieved. The two emphasized the importance of the Sixth Meeting of the Bulgarian-Azerbaijani Intergovernmental Commission for Economic Cooperation, held in Baku at the beginning of July 2024, as an important tool for activating relations between the two countries.

During the meeting, the bilateral trade between Bulgaria and Azerbaijan was reported and readiness to promote the positive trend was expressed. For the first five months of this year, Bulgarian exports to Azerbaijan were worth USD 21.3 million, which is an increase of 74.9%. For the same period, bilateral trade amounted to USD 129.2 million. dollar.

"It is important for us to promote the export of Bulgarian goods to the Azerbaijani market in areas such as mechanical engineering, electrical engineering, electronics, equipment for the food industry, food products and others," Minister Petko Nikolov emphasized.

Ambassador Husseinov pointed out that Azerbaijani companies are interested in investments in agriculture, transport, tourism, etc. in our country.