By Leman Mammadova
Poland hopes for new investment projects with Azerbaijan, Poland’s Ministry of Entrepreneurship and Technology told Trend.
The ministry noted that the Poland-Azerbaijan Business Forum is planned to be held in the first half of 2019.
“It will accompany the session of the Polish-Azerbaijani economic commission. We hope that these lively contacts will result in new initiatives and investment projects,” the ministry noted.
It was noted that Polish-Azerbaijan bilateral economic relations are well regulated by international treaties.
The ministry highlighted that bilateral investment agreement and a treaty for avoidance of double taxation have also been signed.
The ministry went on to say that Foreign Trade Office of the Polish Investment and Trade Agency was opened in Baku.
“It supports both Polish entrepreneurs present on the Azerbaijani market and Azerbaijani companies which consider to invest in Poland,” said the ministry.
However, the Polish ministry believes that more needs to be done to boost the bilateral investment cooperation.
Touching upon the activity of the Azerbaijani trade structures in Poland, the ministry emphasized the opening of the Trading House of Azerbaijan in Warsaw in December and recalled the Polish-Azerbaijani economic roundtable held with the participation of business representatives in September 2018.
Nevertheless, the Polish ministry said that in the first half of 2018 the amount of Polish investments in Azerbaijan did not change significantly.
“FDI made both by Polish companies in Azerbaijan and Azerbaijani companies in Poland remained at a low level. We notice some upward trends only in specific portfolio investment and financial transactions,” said the Ministry of Entrepreneurship and Technology.
It should be noted that in the first nine months of 2018, the trade turnover between the countries increased by 57 percent. So far, Poland has invested over $ 20 million in Azerbaijan, while Azerbaijan’s investments in the Polish economy amounted to $ 6.5 million.
Poland-Azerbaijan Chamber of Commerce and Industry, headquartered in Warsaw, was established in 2017 by initiative of Polish and Azerbaijani entrepreneurs to support businessmen, provide them expert advice and a wide range of services.
Currently, there are 21 Polish companies operating in services, industry and trade in Azerbaijan.
In 2017, Poland became the fourth biggest trading partner of Azerbaijan. Trade turnover between Azerbaijan and Poland in 2017 amounted to $77,8 million. Azerbaijan imported goods worth $ 69 million from Poland, while Azerbaijani exports to Poland totaled $ 8.7 million.
Azerbaijan was identified by the Polish Ministry of Economic Development in 2017 as one of 22 most promising markets for Polish companies globally. Poland is the sixth largest market in the European Union with rapidly growing economy – in 2017 GDP growth was 4.6 percent and forecast for 2018 is 3.8 percent.