Economic cooperation between Azerbaijan and Italy expands

An event titled “Italy–Azerbaijan: Strengthening economic and industrial cooperation” has been held in Italy, organized by the General Confederation of Italian Industry, which unites manufacturing and service sector companies in the country.

The Ministry of Economy told Operativ Media that the opening of the event was attended by Economy Minister Mikayil Jabbarov, Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani, Minister of Enterprises and 'Made in Italy' Adolfo Urso, Aurelio Regina, representative of the President of the General Confederation of Italian Industry on energy issues, along with other officials and business representatives from both countries.

Speaking at the event, Antonio Tajani, Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, emphasized the successful development of the Italy–Azerbaijan strategic partnership. He noted that relations based on mutual trust between the two countries create a favorable foundation for expanding economic cooperation, highlighting the importance of promoting partnerships and joint projects among business circles.

Minister of Economy Mikayil Jabbarov emphasized that the strategic partnership provides a solid foundation for developing economic ties in new directions. Information was provided on Azerbaijan's favorable investment climate, opportunities created for investors in the Alat Free Economic Zone and industrial parks, as well as the country's transport and logistics infrastructure. The importance of Azerbaijan's connectivity to regional markets for production, processing, and logistics projects was also highlighted.

It was noted that economic diversification, increasing productivity, and boosting non-oil and gas exports are among Azerbaijan's development priorities. Ample opportunities exist in these areas to utilize Italian industrial technologies, equipment, and engineering expertise, as well as for mutual investments.

Prospects for cooperation in applying artificial intelligence across various economic sectors, data centers, and high-performance computing infrastructure were brought to attention. Details were shared regarding the planned data center project in the Alat Free Economic Zone, as well as partnership opportunities for technology and knowledge exchange, skills development, and joint pilot projects involving the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) under the Ministry of Economy.

The importance of combining Azerbaijan's resource potential in critical raw materials, mining, and metallurgy with Italy's technological capabilities was emphasized. Cooperation opportunities were reviewed with AzerGold and aluminum and steel industry enterprises regarding equipment supply, processing, recycling, and production modernization.

Financing options for projects involving Italian equipment and technology were discussed based on cooperation between the Entrepreneurship Development Fund of Azerbaijan under the Ministry of Economy and Italy's Export Credit Insurance and Guarantee Mechanism Agency (SACE). The significance of a potential investment partnership in industry and infrastructure between the Azerbaijan Investment Holding and Italy's National Development and Investment Financial Institution (Cassa Depositi e Prestiti) was also noted.

Adolfo Urso, Italy's Minister of Enterprises and 'Made in Italy', highlighted the development of business partnerships between Azerbaijan and Italy and the potential to expand interactions between companies representing both nations. He noted the importance of strengthening direct contacts among business circles, promoting joint initiatives in industry and investment, and stated that evaluating existing potential in new areas of cooperation would contribute to a mutually beneficial partnership.

At the event, Azerbaijani companies presented projects that could be jointly implemented and outlined potential areas of collaboration to Italian partners. B2B meetings were organized between business representatives.

At the conclusion of the event, a Joint Declaration on strategic cooperation in critical raw materials was signed between the Ministry of Economy of the Republic of Azerbaijan and Italy's Ministry of Foreign Affairs and International Cooperation and Ministry of Enterprises and 'Made in Italy'.

The document aims to expand and diversify the industrial partnership between the two countries, uniting Azerbaijan's resource potential with Italy's technological expertise.

The Joint Declaration covers industrial and technological development, investment and business partnerships, regional supply chains and logistics, as well as policy dialogue and institutional cooperation. This cooperation aims to contribute to expanding processing capabilities, efficient resource utilization, establishing sustainable supply chains, and producing high value-added goods.