Bilateral Economic Relations
Azerbaijan is a strong and stable republic, optimizing its vast oil and gas wealth to become a regional economic and political power.
The Republic of Azerbaijan, due to the rational use of its energy resources has become a country with diversified economy. Over the past 16 years almost 120 billion US dollars have been invested in the Azerbaijan’s economy, more than half of which was invested by foreign companies. It enjoys an extensive network of trade partnerships with over 140 countries, two principal factors contributes to this: exports of increasing amounts of Azerbaijani crude and oil products and the expanding internal market which led to the rise in imports of manufacturing equipment and consumer goods in the country. In recent years an average annual growth in foreign trade exceeded 20 %. Solid growth in the non-oil sector was seen in mining, agricultural and industrial production as well as in construction.
To inquire about the Azerbaijani-Austrian economic ties and prolific business opportunities residing between two countries please be referred to the following presentation:
Economic Development "Azerbaijan Over 10 Years"
AZERBAIJANI-AUSTRIAN ECONOMIC RELATIONS
* As a result of a liberal climate, there are 46+ Austrian companies working in Azerbaijan and due this partnership 6.01 mln US dollars have been invested into the economy of our country. Owed to know-how and great expertise, Austrian Companies have been involved in a number of voluminous capacity projects geared towards restoration and renovation of major landmarks in Baku, including: the new International Airport, Carpet Museum, building of hotels and a major concert hall, ski resort as well as recreational activities and etc.
* As of 2013, due to a number of official bilateral business meetings and business forums export-import operations between two countries have been amplified, partnership between Azerbaijan Confederation of Entrepreneurs and the major Austrian Economic Institutions, including Austrian Federation of Industries, Austrian Institute of Standards, Austrian Business Agency, Vienna Business Agency, (Young Presidents Organization?) as well as Austrian Federal Economic Chamber, have been established and nurtured.
* In May 2013 in the course of the official visit of the President of the Azerbaijan Republic Dr. Ilham Aliyev to the Republic of Austria, a number of business events have been launched, this includes: Azerbaijani-Austrian Business Forum, Bilateral Business Meeting between our President and Austrian Business Community, hosted by the President of the Austrian Federation of Industries, Mr. Georg Kapsch and executives of major industries in Vienna.
* The Leaderships of both sides have paved the way for new cooperation projects, CEOs of Austrian companies have registered their interest in expanding their investment in Eastern Europe to the countries located further east, Azerbaijan in particular.
* The Azerbaijani-Austrian Business Forum, which took place during the official visit of the President of the Republic of Azerbaijan, Ilham Aliyev, resulted in a number of proposals from Austrian partners in the field of oil, healthcare, technology, airport and tourism. Furthermore, the forum highlighted the launch of new business deals, signed between the Azerbaijani and Austrian companies.
* As of 2013 new start-up projects in the area of tourism and banking initiated by Azerbaijani and Austrian entrepreneurs are already in the pipeline. This includes Women Business Communities and Azerbaijan Confederation of Entrepreneurs. It is worth to note that in Azerbaijan Austrian companies are currently heavily involved in various sectors, including consulting, the hospitality business, railway equipment, infrastructure and other.
Quote: “Professionalism, quality, taste, beauty and creativity” I think this is the criteria we have in mind when dealing with Austrian companies” President Ilham Aliyev at a Business Forum in Vienna, May 2013