Baku, Tbilisi eye trade, mutual investment expansion

Azerbaijani Economy Minister Mikayil Jabbarov and Georgia’s Economy and Sustainable Development Minister Natela Turnava have discussed the potential expansion of trade relations and mutual investment.

The discussion took place on the sidelines of the Azerbaijan-Turkey-Georgia business forum that kicked off in Baku on December 14.

During the meeting, Jabbarov noted that successful bilateral cooperation with Georgia is supported by numerous economic projects.

Azerbaijan and Georgia are cooperating in various fields of economy. Earlier this year, Azerbaijan and Georgia have signed several cooperation agreements within the framework of a meeting of the joint intergovernmental commission on economic cooperation.

The trade turnover between the two countries increased by $170.2 million in January-October 2021. The volume of the turnover amounted to $586.3 million, with exports accounting for $513.2 million and imports for $73 million.

Azerbaijan was Georgia’s main bitumen supplier in 2020, accounting for 63.8 percent of this country’s total imports of bitumen. At the same time, Azerbaijan was the largest diesel fuel supplier to Georgia in 2020 as well, accounting for 19.4 percent of total imports. Meanwhile, Azerbaijan was Georgia’s largest electricity supplier in 2020, accounting for 45 percent or 726 million kWh of the country’s total electricity import.

By Ayya Lmahamad