Azerbaijan, Spain expand economic horizons with new strategic cooperation agreement

Azerbaijan and Spain are set to sign a Memorandum of Understanding (MoU) on cooperation aimed at bolstering their economic relations, Azerbaijan’s Deputy Minister of Economy Elnur Aliyev said.

The agreement, which will be signed in Baku, marks a new chapter in the growing partnership between the two countries, Caliber.Az reports.

Addressing the Azerbaijan-Spain Business Forum, Elnur Aliyev emphasized that the memorandum would lay a strong foundation for strategic economic cooperation between Azerbaijan's Ministry of Economy and Spain’s Ministry of Economy, Commerce and Business. Aliyev expressed confidence that the agreement would foster new opportunities for collaboration across various sectors.

“This Memorandum of Understanding on strategic economic cooperation is a milestone that will serve as a solid basis for strengthening our bilateral relations and creating new avenues for cooperation in diverse fields,” Aliyev stated.

The signing of the memorandum builds on the seven previously signed agreements between the two nations, including a key document on the avoidance of double taxation, which came into force in 2021. Aliyev highlighted that the development of economic relations has always been a priority for both governments.

According to the deputy minister, the volume of trade turnover between Azerbaijan and Spain reached approximately $300 million in 2024. Furthermore, the transit traffic between the two countries has seen a remarkable increase, more than doubling in 2024. Air transport has become the predominant mode of transit, with the East-West corridor now serving as the primary route for trade and travel.

Aliyev also pointed to several sectors with significant potential for boosting bilateral trade, including renewable energy, agriculture, tourism, technology, and infrastructure. He expressed particular optimism about opportunities for joint investments and projects in Central Asia, suggesting that both countries could leverage their shared expertise to explore new markets and initiatives in the region.

By Vafa Guliyeva