Azerbaijani, Slovenian companies sign trade agreement

On April 17, Azerbaijani and Slovenian companies signed a trade agreement to foster cooperation in the telecommunications sector. 

Bestcomp Group, based in Azerbaijan, and Slovenia’s Kontron have agreed to collaborate on telecommunications solutions, specifically for the railway, industrial, and oil and gas industries, Caliber.Az reports.

The agreement was signed by Farid Hasanov, CEO of Bestcomp Group, and Robert Zlatanov, Head of Sales at Kontron.

Note that, Azerbaijan and Slovenia have significantly strengthened their trade relations, particularly in the energy sector. In July 2024, Slovenia's natural gas company Geoplin and Azerbaijan's state oil company SOCAR signed a Memorandum of Understanding (MoU) to enhance gas supply cooperation.

This agreement led to the commencement of Azerbaijani gas deliveries to Slovenia on August 1, 2024, marking Slovenia as the ninth European country to receive Azerbaijani gas . Slovenian Energy Minister Bojan Kumer emphasized that this partnership is crucial for diversifying Slovenia's energy sources and ensuring a reliable gas supply.

Beyond natural gas, both nations are exploring collaborations in renewable energy, hydrogen technologies, and artificial intelligence. Discussions during Minister Kumer's visit to Baku in July 2024 included potential joint projects in these areas, reflecting a mutual commitment to sustainable energy solutions.

Trade between Azerbaijan and Slovenia has seen steady growth. In 2023, bilateral trade reached approximately $40 million, with Azerbaijan importing $28.7 million worth of goods from Slovenia, primarily pharmaceuticals, machinery, and electronics. Conversely, Slovenia imported Azerbaijani products such as oil derivatives, polymers, and fertilizers.

The establishment of the Azerbaijan-Slovenia Joint Working Group in 2014 has facilitated ongoing economic cooperation, with 12 bilateral agreements signed to date. These developments underscore a deepening partnership aimed at enhancing energy security and economic ties between the two countries.

By Aghakazim Guliyev