An agreement was signed as the result of the fifth meeting of the joint commission on trade and economic cooperation held between Azerbaijan and the Swiss Federal Council, held in Baku.
The agreement was signed by the Minister of Economic Development
Shahin Mustafayev and board member of the State Secretariat for Economic
Affairs of Switzerland Eric Martin.
"The ways to improve economic relations between our countries was
discussed during the meeting," co-chair of the intergovernmental
committee Eric Martin told reporters after the meeting on Thursday.
He said that trade turnover between the countries amounted to one billion Swiss francs, approximately $900 million by the end of 2010. Azerbaijan mainly exported energy sector products to Switzerland and imported various equipment and latest technology.
"One of the important examples of Swiss investment in Azerbaijan today is the Holcim Company working on the Garadagh Cemen plant, which is estimated to to be worth 300 million euros for the construction of a new furnace," Mr Martin said.
The Swiss State Secretariat for Economic Affairs Seco has carried out 25 projects in Azerbaijan and 12 more are still in progress.
"Cooperation in energy efficiency, which is important for Azerbaijan, is provided in the agreement signed at the international legal committee meeting. Due to this, Azerbaijani experts will visit Switzerland where they will become acquainted with Swiss experience in this area," Martin said.
The agreement also provides for cooperation in the areas of industry, energy, trade, investments, agriculture, finance and banking, culture and tourism.
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