The investment agencies of Moldova and Azerbaijan, Invest Moldova and Invest Azerbaijan, have signed a memorandum of agreement.
The document was signed within the framework of the 5th meeting of the Moldovan-Azerbaijani Intergovernmental Commission on Trade and Economic Cooperation held in Chisinau and aimed at strengthening ties and relations between the two investment agencies in the field of investment promotion and facilitation. The Commission's meeting was chaired by Moldovan Infrastructure and Regional Development Minister Andrei Spinu and Azerbaijani Agriculture Minister Majnun Mammadov. During the meeting, the officials of the two delegations reviewed the main achievements of the Moldovan-Azerbaijani cooperation in economy, trade, energy, agriculture, transportation. Andrei Spinu expressed gratitude for the progress made in the key cooperation sectors, including air and road transport. He also expressed gratitude for the Azerbaijani side's support in granting Moldovan transport workers an additional quota of 300 permits for 2024, as well as for the launch of the Baku-Chisinau flight. "The Moldovan-Azerbaijani Intergovernmental Commission on Trade and Economic Cooperation is a symbol of our common commitment to dialog and mutual understanding in pursuit of common goals. Over the years, our partnership has been getting stronger and stronger, and this meeting serves as a proof of the consolidation of bilateral relations between our countries," Andrei Spinu emphasized. For his part, State Secretary of the Moldovan Economic Development and Digitalization Ministry Viorel Garaz stressed the importance to boost the economic and trade cooperation between the two countries. He noted that the countries have signed many agreements that contribute to the development of trade and economic relations, which are significant for the economic agents from both countries to develop mutual cooperation. "Moldova can offer a competitive labor force, a strategic geographical location and flourishing sectors such as information technology, agriculture and industry. We believe that we have a huge potential for growth and we will continue to effectively interact in priority areas of cooperation," Viorel Garaz said. The work of the Moldovan-Azerbaijani Intergovernmental Commission was focused on the issues of trade and economic cooperation in the fields of support for small and medium-sized businesses, energy, transport, scientific-technical and humanitarian fields, tourism, healthcare, environment protection, etc. The Moldovan-Azerbaijani sides also discussed the current economic cooperation between Moldova and Azerbaijan. In addition, the sides reviewed the current state and volumes of mutual trade and reaffirmed the importance and necessity of activating, strengthening and diversifying trade and economic relations between the two countries. The sides expressed a common opinion on the need to boost the development of the trade-economic and investment relations, proposing to strengthen the cooperation by organizing trade-economic missions, economic and investment forums and establishing permanent contacts between the Moldovan and Azerbaijani enterprises. Following the discussions, the Commission's Co-Chairmen, Andrei Spinu and Majnun Mammadov, signed a protocol of the 5th meeting of the Joint Intergovernmental Commission, which outlines plans to expand the mutually beneficial cooperation in different fields. The document envisages the expansion of cooperation between Moldova and Azerbaijan in economy, trade, energy, agriculture, construction and territorial planning, labor and social protection, food security, tourism, transport and other fields of mutual interest. According to the National Bureau of Statistics of the Republic of Moldova, the volume of bilateral trade between Moldova and Azerbaijan in 2022 amounted to $16.1 million, exceeding 2.8 times the figures of the previous year. At the same time, Moldovan exports to Azerbaijan increased by 12.2% - up to $4.9 million, while imports from Azerbaijan to Moldova increased 7.8 times - up to $11.2 million. Azerbaijan ranked 49th among Moldova's trade partners in 2022, accounting for 0.12% of Moldova's total foreign trade. In 2022, 116 companies with Azerbaijani capital were registered in Moldova, with total investments in the authorized capital of 31.9 million lei ($1.78 million). Azerbaijan ranks 24th among Moldova's key investors in terms of invested capital. Currently, our country exports a number of goods to Azerbaijan, including: medicines, canned vegetables, fresh and dried fruits, ethyl alcohol, machinery and mechanical equipment, etc. // 07.12.2023 – InfoMarket
