Azerbaijani-Bulgarian trade turnover exceeds $150 million Statement by deputy economy minister

Azerbaijani Deputy Economy Minister Sahib Mammadov has said that the mutual trade turnover volume between Azerbaijan and Bulgaria reached $153 million in January-March 2024.

“The mutual trade turnover increased almost fourfold, reaching $153 million in the first quarter of 2024, while exports to Bulgaria increased more than fourfold, amounting to $146 million,” Mammadov said at a meeting with Azerbaijani and Bulgarian businessmen.

The deputy minister noted that Bulgaria is among the TOP 10 export markets for Azerbaijan.

Mammadov also noted that currently, 15 Bulgarian companies are actively operating in Azerbaijan.

“Bulgaria and Azerbaijan jointly participated in two EU twinning projects worth a total of 2.1 million euros [$2.2 million], demonstrating our commitment to cooperation and partnership on several fronts,” the deputy minister emphasised.

The deputy minister noted that Azerbaijan, Bulgaria, Romania, Hungary and Slovakia are discussing the practical aspects of gas supply and transportation by using the appropriate systems within the Memorandum of Understanding signed in Sofia in 2023 between SOCAR and the distribution system operators of the mentioned countries.

“However, there are other opportunities to improve the expansion of bilateral economic ties, especially in the non-oil sector of small and medium-sized businesses, the digital economy and innovations, as well as the transport and transit sectors,” he said.

“We have had a multi-billion dollar investment portfolio over the past three decades. The total volume of investments in Azerbaijan reached more than $300 billion, while in the non-oil sector - almost $200 billion,” Mammadov noted.

Moreover, the deputy minister invited Bulgarian companies to take part in the projects in Karabakh and East Zangezur.

Kheyraddin Nasirzade