Italy backs new initiatives to expand Azerbaijan’s presence in its market

Italy is preparing to support a series of initiatives aimed at strengthening Azerbaijan’s presence in the Italian market and deepening bilateral investment cooperation, Manuela Traldi, President of the Italy-Azerbaijan Chamber of Commerce, said at the “From the Caucasus to the Mediterranean” conference in Rome.

The conference explored the strategic parallels between Italy’s role as a hub for access to Europe and the Mediterranean region and Azerbaijan’s position as a gateway to Central Asia and the broader Asian continent, Caliber.Az reports per local media. 

“Our bilateral relations have matured over the years. I am convinced that we are at the beginning of a new phase, when interaction between the two countries, beyond fundamental commercial aspects, is taking on the character of a genuine strategic partnership,” Traldi noted.

She recalled that during the first business forum in 2020, a Multidimensional Strategic Partnership was formalized, bringing Italy and Azerbaijan closer in subsequent years and laying the groundwork for expanded economic ties.

According to Traldi, recent developments reflect Azerbaijan’s ambition to move beyond its traditional role as an energy supplier and purchaser of Italian equipment, positioning itself instead as an active investor and stakeholder in Italy’s economy.

“Important transactions related to Azerbaijan's presence in Italy are underway today. These include investments and partnerships that begin in the energy sector but extend far beyond it. These include significant investments from the State Oil Fund of Azerbaijan and the acquisition by the State Oil Company of Azerbaijan (SOCAR) of one of Italy's largest primary refining groups.

These are the first, but already concrete, signs of a 'change of speed' in our relations. They will inevitably lead to increased trade. The potential remains extremely high, and we are ready to actively pursue this direction. In the future, we expect to support a number of transactions that will further enhance Azerbaijan's presence in the Italian market. This will further bring our Italian-Azerbaijani business community closer together and create space for new initiatives,” Traldi emphasised.

By Sabina Mammadli