Georgia and Azerbaijan are making efforts to realize the potential in bilateral trade, the economy ministers of the two countries said during a meeting in Baku.
First Deputy Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili met with his Azerbaijani counterpart Mikhail Jabbarov within the framework of his working visit to Azerbaijan.
Azerbaijan occupies the sixth position in the list of Georgia's major trading partners and the third position among major exporting countries. The foreign trade turnover of the neighboring countries in January-October 2024 amounted to $1.1 billion, which is 13% less compared to the same period of 2023. Azerbaijan's share in the total trade turnover of Georgia is 5.6%.
At the meeting of the heads of economic departments of Georgia and Azerbaijan, attention was focused on further development of bilateral trade and economic relations, as well as cooperation in infrastructure projects of regional importance.
Attention was also focused on cooperation in the field of investments. It was positively assessed that the volume of Azerbaijan's investments in the Georgian economy is increasing, especially recently. In particular, in 2023 this indicator increased by 3018% compared to the same period last year.
The interest of Azerbaijani investors was recorded in the spheres of transportation, logistics, construction, finance, industry, real estate, communications, etc.
In addition, the meeting paid special attention to cooperation between the countries in regional projects.
Among other things, the conversation touched upon the Middle Corridor route, where cargo turnover volumes are characterized by increasing dynamics. It was noted that the parties are making joint efforts to attract additional cargo traffic in the direction of further development of the existing transportation and logistics infrastructure.
The middle corridor is a route that runs through China, Kazakhstan, the Caspian Sea area, Azerbaijan, Georgia, Turkey to the countries of Europe. The Trans-Caspian International Transport Route was established in February 2014 with the participation of leading enterprises in the field of maritime and railway transportation of Azerbaijan, Kazakhstan and Georgia.
The conversation also touched upon the progress of construction of the Anaklia deep-water port. The sides also discussed the current situation on the Baku-Tbilisi-Kars railroad, as well as the possibility of planning additional flights between Georgia and Azerbaijan.
The sides talked about an energy project of regional importance, in the joint development of which Azerbaijan and Georgia are involved. It is a project of underwater Black Sea energy cable, which should connect Georgia's power system with the European Union.
It was noted that the development of the green energy corridor will contribute to further deepening of regional cooperation. Attention was drawn to the special importance of the project on supplying green energy resources of the South Caucasus to the EU market.
At the meeting, the sides also discussed the development of cooperation in the tourism sector.
Bilateral relations
Georgia and Azerbaijan established diplomatic relations on November 18, 1992. The countries actively cooperate in the spheres of trade, transportation, energy, production and logistics.
Trade turnover between the countries in 2023, according to preliminary estimates, amounted to 1.5 billion dollars.
Baku and Tbilisi are strategic partners and actively cooperate both bilaterally and within the framework of international projects, in particular in projects of strategic importance for the entire region - Baku-Tbilisi-Kars railroad, Baku-Tbilisi-Ceyhan oil pipeline and Southern Gas Corridor.
In addition, Georgia and Azerbaijan are participants in international projects - the Middle Corridor and laying an electric cable under the Black Sea to the EU countries.
Reprinted from https://sputnik-georgia.ru
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