Azerbaijan, Croatia look to expand trade, investment opportunities at top level meeting

Azerbaijan’s Minister of Economy, Mikayil Jabbarov, has met with Croatian Prime Minister Andrej Plenković to discuss strengthening bilateral ties, with a particular focus on economic collaboration.

Minister Jabbarov shared the details of the meeting on his official X page, Caliber.Az reports.

As part of our visit to Croatia, we were received by Prime Minister Andrej Plenković (@AndrejPlenkovic). We discussed key priorities in the #Azerbaijan–#Croatia strategic partnership and #economic cooperation, focusing on increasing trade, attracting mutual #investment-s,… pic.twitter.com/yAtF5J6Mbu

— Mikayil Jabbarov (@MikayilJabbarov) February 28, 2025

To recall, Azerbaijan has significantly strengthened its economic ties with Southern and Eastern European nations, with Croatia emerging as one of the key partners. In 2023, Croatia imported 1.15 million tonnes of Azerbaijani oil worth €699.2 million, making it the second-largest buyer of Azeri Light oil in Europe after Italy. The planned Ionian-Adriatic Pipeline (IAP), linked to the Southern Gas Corridor, will facilitate Azeri gas exports to Croatia, strengthening regional energy security.

While hydrocarbons dominate trade, both countries are keen to expand cooperation in other sectors. Business forums and intergovernmental meetings have explored opportunities in alternative energy, agriculture, pharmaceuticals, and IT. Croatian companies like Sedam IT and Span are already contributing to Azerbaijan’s digital infrastructure, while others may take part in renewable energy projects and post-conflict reconstruction in Karabakh and East Zangezur. Trade turnover has exceeded $1 billion, with a sharp increase in early 2024. Around 18 Croatian companies operate in Azerbaijan, investing in agriculture, construction, and trade, supported by the 2007 "Agreement on Encouragement and Mutual Protection of Investments."

Tourism is another promising area for cooperation, as Croatia, where tourism accounts for over 25% of GDP, sees potential in Azerbaijan’s expanding tourism sector, including in newly liberated territories. Croatia’s past involvement in shipbuilding for Azerbaijan also highlights opportunities for future infrastructure projects.

Beyond bilateral trade, Croatia recognises Azerbaijan’s growing importance as a key transport and energy hub and supports the Middle Corridor initiative at the EU level. With ongoing business negotiations and investment opportunities, their partnership is set to strengthen, moving beyond energy trade towards a broader economic collaboration.

By Aghakazim Guliyev