Zangazur corridor to open new opportunities for expanding Azerbaijan-EU co-op: SMBDA

The opening of the Zangazur corridor will create additional opportunities for expanding cooperation with EU countries and economic integration in the region, said Orkhan Mammadov, Chairman of the Board of Azerbaijani Small and Medium Business Development Agency (SMBDA).

Mammadov made the remarks at a conference on the topic “Support to Azerbaijani government in creating a more favorable environment for small and medium-sized enterprises and increasing their competitiveness”.

He said that this is especially important in the post-COVID-19 pandemic period, when economic recovery and sustainable growth are expected.

"The trade turnover between Azerbaijan and European countries in 2020 amounted to $9.5 billion, or 40 percent of the total trade turnover of our country. Azerbaijan imported products worth $6.8 billion from Europe. Besides, 1,700 European companies operate in Azerbaijan," the chairman said.

He noted that after liberating its territories from the Armenian occupation, Azerbaijan created new opportunities for expanding cooperation.

Besides, according to Mammadov, Azerbaijan's GDP in 2021 increased by 5.6 percent compared to 2020.

"Additional value during this period in the non-oil industry increased by 7.2 percent, and in the oil industry - by 1.8 percent," he said.

He stressed that Azerbaijan's small and medium-sized businesses received ample opportunities for sustainable development.

"Our agency has a wide range of tools to support small and medium businesses," Mammadov added.

News.Az 

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