Azerbaijan has a huge potential for cooperation with Israel in economic sphere, said Stav.

The diplomat noted that, in particular, Israel can help Azerbaijan to increase the production of various agricultural crops.

"One of the most important things, if you want to increase agricultural sector, is to use wisely your water resources and all that is related to water management, very economic use of water, desalination if needed, purification of water, dealing with waste water," he noted. "Israel has a lot of experience and many companies that come with very ingenious ideas."

"This is an area where we can work very closely," added the envoy. "This is very promising sphere for cooperation."

He also noted that Azerbaijan has very rich agricultural soil and hardworking people.

The ambassador believes that Azerbaijan can generate employment by introducing modern agriculture.

"If people see that agriculture is really where you can earn money and have good standard of living, it will also help to develop periphery," added Stav.

Another important sector, where there is a huge potential for cooperation, is energy, according to him.

A new tender for exploration of gas will be opened on Nov. 15 in Israel, said the ambassador.

"It refers to about 24-69 blocks that we have in Israel and the potential of discovery of these fields stands at about 900-2,100 billion cubic meters," he added. "Azerbaijan has great knowledge about energy after producing oil since 19th century. You have companies that can have the financial strength and the ability to join us. We welcome Azerbaijani companies that will show interest to come and participate in the bidding."

Moreover, the diplomat thinks that cooperation is also possible between Azerbaijan’s State Oil and Industry University and SOCAR (State Oil Company of Azerbaijan) and certain colleges in Israel.

Another one is the cooperation between the two countries’ energy ministries, according to the ambassador.

"I think that cooperation in this sphere will be very beneficial for both sides," noted Stav.

In particular, the envoy said that Israel plans to open "gas to liquid" refinery that will take the gas and transform it into all kinds of liquid energy, which can be used in cars and other areas.

It is only at the preliminary stage, he added.

"We are looking for companies that will show interest in trying to explore whether it is feasible to establish the refinery," said the Israeli envoy.

The idea of this LGT [liquefied gas technology] is that the Israeli government wants to reduce the use of oil in the transportation sector to 60 percent till 2025, according to him.

Stav said also that Azerbaijan and Israel have started to cooperate in the field of medicine.

"There is an exchange between one of the leading Israeli universities – Medical University and the Medical University in Baku," he noted. "We want to enhance it."

He added that cooperation in the pharmaceutical sector is also promising.

"The idea here is to try draw investments to Azerbaijan, build factories here and start production," said Stav adding that it is a very good opportunity for both sides.

Speaking about the cooperation in the sphere of education and culture, the Israeli ambassador recalled that a framework agreement had been signed between Azerbaijan and Israel before in the sphere of science, culture and youth and due to some unfortunate technical issues, it has been only ratified a few months ago.

Israel wants to enhance the cooperation in the field of education with Azerbaijan, according to him.

The envoy said also the Israel is interested in cooperation with Azerbaijan in the field of technology.

"We have very advanced academic institutions in Israel," noted Stav. "We have very interesting faculties for cyber, IT, and we want them to have ties with Azerbaijan in order to develop curriculum for the studies in technologies, IT, computer, cyber, because it is an area of the future," he said.