Azerbaijani, American entrepreneurs to eye business opportunities

By: Vusala Abbasova

The Azerbaijani and American entrepreneurs will discuss the possibilities of bilateral cooperation in various spheres during the Azerbaijani-USA Business Meeting scheduled for November 19.

Azerbaijan is a very important trading partner for U.S. businesses, said Deputy Assistant Secretary of the U.S. Department of Commerce, Michael Lally.

“During my visit to Baku, I clearly saw evidence of there being an enormous potential for bilateral commercial cooperation,” he added.

The U.S. delegation, comprising businessmen from 15 companies, intends to discuss cooperation in fields such as construction, energy, ICT, chemical, food processing, education, engineering, fire fighting technology, medical equipment, pharmaceuticals, aviation, transportation, construction machinery and technology, cosmetic and detergent products and other areas falling in the framework of the meeting.

The meeting is being organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) with support of the Ministry of Economic Development.

The US has also expressed interest in expanding the economic opportunities for women entrepreneurs in Azerbaijan.

Currently, work is on in this direction, said the U.S. ambassador to the country, Robert Cekuta, during the conference on “Development of women’s entrepreneurship in Azerbaijan,” on November 17.

“The U.S. is ready to render assistance to Azerbaijan in this sphere,” pointed out the ambassador during the conference.

The US stands for supporting women’s entrepreneurship, said Cekuta, adding that if a woman has made some achievement, it means she has a successful and healthy family.

The trade turnover between Azerbaijan and the U.S. has increased by 5.3 percent per annum and stood at $935.28 million for the Jan.-Sept. 2015 period, according to Azerbaijan’s State Customs Committee.

The import of U.S. goods to Azerbaijan has increased by 53.5 percent, while the export of Azerbaijani products to the country has decreased by 1.71 times.

According to the Country Commercial Guide 2015, Azerbaijan’s economy continues to grow, but with the decline in world oil prices, the rate of growth has leveled off when compared with previous years.

Oil and gas remain the primary economic drivers and are directly responsible for nearly half of Azerbaijan’s GDP, which grew from $73.1 billion in 2013 to $75 billion in 2014.

SOURCE: AZER NEWS

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