Azerbaijan-Serbia trade turnover rises fivefold

Azerbaijani Deputy Minister of Economy Sahib Mammadov has said that the volume of mutual trade turnover between Azerbaijan and Serbia in the first half of 2024 amounted to about $31 million.

“Cooperation between our countries in the trade and investment sphere remains the cornerstone of our bilateral relations. In this context, in the first half of 2024, trade turnover between Azerbaijan and Serbia showed significant growth, increasing more than 5 times compared to the same period in 2023, amounting to $30.856 million,” Mammadov said at the 8th meeting of the Azerbaijani Serbian joint intergovernmental commission on trade and economic cooperation on July 25, Caliber.Az reports.

He also noted that from 1995 to the first quarter of 2024, the volume of direct investments from Serbia in the non-oil and gas sector of Azerbaijan amounted to $3.6 million, and in the economy of Serbia - $2.8 million from Azerbaijan.

There are several Serbian companies operating in Azerbaijan, especially in the fields of agriculture, infrastructure and services, with six registered organizations, four of which are actively operating.

Mammadov emphasized that the Baku International Sea Trade Port, located near the Alyat Free Economic Zone, seeks to capture a larger share of the growing volume of goods transported between Asia and Europe. In this regard, he noted that the potential of Serbian pharmaceutical and other companies to establish production activities in these industrial zones and joint production in Azerbaijan is preferable and is subject to further discussion.

At the same time, the deputy minister invited Serbian businessmen to take part in projects for the restoration of Karabakh and Eastern Zangezur, assuring them of the full support of the Azerbaijani government.

Mammadov also invited the Serbian side to take an active part in COP29, which will be held in Baku in the fall.

“Once again I would like to confirm my confidence that economic potential and mutual interests will create favourable conditions for the further expansion of mutually beneficial cooperation with Serbia,” the deputy minister emphasized.