At the Azerbaijan – Bulgaria business circles meeting held in Baku, information was provided on business and investment opportunities; the expansion of the mutual cooperation was discussed.
The Azerbaijan – Bulgaria business circles meeting has been organized in Baku by the Export and Investment Promotion Agency (AZPROMO) and the Bulgaria – Azerbaijan Chamber of Commerce and Industry.
Alongside Azerbaijani Minister of Economy Mikayil Jabbarov and Acting Minister of Energy of Bulgaria Vladimir Malinov, representatives of companies operating in the fields of industry, transportation, logistics, ICT, oil and gas, trade have taken part in the meeting.
It was emphasized at the meeting that the Azerbaijani – Bulgarian relations are dynamically developing as a result of the strong political will of the heads of state. "The Joint Declaration on Strengthening the Strategic Partnership between the Republic of Azerbaijan and the Republic of Bulgaria" signed in Baku today has been evaluated as the indicator of mutual trust. The parties expressed confidence that the discussions and efficient negotiations held will create a robust foundation for fostering the business collaboration and implementing new joint projects in perspective fields.
Business representatives of both countries were invited to take advantage of the support mechanisms by AZPROMO and the Small and Medium Business Development Agency. The parties noted that there is big potential for cooperation in energy export, as well as green and renewable energy projects.
It was highlighted that the trade turnover between the two countries has significantly increased. In the first quarter of 2024 alone, the mutual trade grew by approximately 4 times and reached 153 million USD, while our export rose by more than 4 times and amounted to 146 million USD year-on-year. Currently, Bulgaria is one of Azerbaijan's largest export destinations. At the same time, commercial institutions with the Bulgarian investments operate in the areas of industry, construction, trade and service in Azerbaijan. There are opportunities to expand ties in the non-oil sector – small and medium-sized entrepreneurship, digital economy, innovations, as well as transportation and transit.
Deputy Minister of Economy Sahib Mammadov and Bratan Bratanov, the Executive Director of the Bulgaria – Azerbaijan Chamber of Commerce and Industry, stressed that both parties have favorable conditions for developing the business ties. They also gave information about the investment climate and business opportunities.
At the event, there was an exchange of signed documents on the development of drone-based cargo services between "Silk Way" and "DRONAMICS" companies of Bulgaria. In accordance with the document, the parties will develop technologies and services in the field of cargo transportation.
Within the framework of the event, the Economic Zones Development Agency under the Ministry of Economy presented a certificate to Bulgaria’s "Caspian Lubricants Recycling" company in connection with its residency in the Sumgait Chemical Industrial Park. Thus, the number of residents in the Industrial Park has reached 41.
At the meeting, information was given on the activity directions of the participating companies, as well as implemented projects. The event continued with B2B meetings.
