site.btaBulgarian Economy Minister, Azerbaijani Ambassador Discuss Opportunities for Development of Economic Relations

At a meeting in Sofia on Wednesday, caretaker Economy and Industry Minister Petko Nikolov and Ambassador of Azerbaijan to Bulgaria, Huseyn Huseynov, discussed opportunities for the development of trade and economic relations and prospects for joint investments, Bulgaria’s Economy Ministry said in a press release.

The two sides discussed the opportunities for boosting Azerbaijani investments in Bulgaria and the entry of more Bulgarian products into the Azerbaijani market. In this regard, Nikolov and Huseynov agreed to work on holding joint business forums to achieve partnerships between businesses from the two countries. The Minister and the Ambassador underscored the importance of the sixth meeting of the Bulgarian-Azerbaijani intergovernmental commission for economic cooperation, held in Baku in early July 2024, as an important tool for intensifying ties between the two countries.

From the meeting, it transpired that Bulgaria and Azerbaijan will seek new opportunities for encouraging bilateral economic relations. The two countries have unrealised potential in trade development. The two sides agreed to intensify cooperation in engineering, information and communication technologies, agriculture, transport, among others. The strategic energy partnership between Bulgaria and Azerbaijan was also highlighted.

In the first five months of 2024, Bulgarian exports to Azerbaijan equalled USD 21.3 million, marking an increase of 74.9%. For the same period, bilateral trade amounted to USD 129.2 million.

Nikolov stressed that his ministry aims to promote the export of Bulgarian goods to the Azerbaijani market in industries such as mechanical engineering, electrical engineering, electronics, food processing equipment, food products, among others.

Huseynov noted that Azerbaijani companies are interested in investing in Bulgaria in agriculture, transport, tourism, among others.