Azerbaijan to sign multi-billion dollar deals with France

Azerbaijan and France will sign a number of commercial deals on joint projects worth billions of dollars on Monday, Azerbaijan's Trend news agency reported.

Azerbaijani Economy and Industry Minister Shahin Mustafayev said at the opening of the Azerbaijani-French Business Forum here Monday that both countries will also establish a trade and industry chamber.

"The relevant agreement will be signed today along with agreements on entrepreneurs'' joint projects worth billions of dollars," Mustafayev said.

The Azerbaijani minister said economic and political ties between the two countries were developing progressively.

"Mutual visits on the part of our heads of state have played a role in this," he said.

"A total of 45 contracts and various documents have been signed between our countries - with 17 related to economic cooperation."

Azerbaijan and France are also cooperating in the investment sphere.

"France has invested about US$2.4 billion in Azerbaijan's economy. The greatest part of these investments are in the oil sector," Mustafayev said. 

Some 91 French companies are currently involved in oil and gas projects in the country as subcontractors.

France is one of Azerbaijan's most important trading partners.

Last year, bilateral trade stood at US$1.56 billion with more than US$370 million registered in the first quarter of 2014, a 50 percent increase over the same period last year.

Bakudaily.az