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$880 million invested by U.S. stakeholders in Azerbaijanís non-oil sector

Tuesday, November 26
Investments by U.S. stakeholders in the non-oil sector of Azerbaijan amounted to $880 million, the head of the Azerbaijan Export and Investment Promotion Fund (AZPROMO) Rufat Mammadov told journalists on Nov.25 on the eve of the Azerbaijan-US business forum in Baku.

Representatives of major American companies specialising in various fields have arrived in Azerbaijan. As is known, the cooperation between Azerbaijan and the United States is very flexible.

"In our country, there are 220 companies backed by U.S. investment," he said.

According to him, the forum is aimed at further intensification of economic cooperation.

"It is about an increase in trade and development of investment cooperation. The event is being attended by more than 70 entrepreneurs from both countries. In general, the forum will discuss the potential for cooperation in various fields- such as energy, the chemical industry, household appliances and other areas," Mammadov stressed.

According to the State Customs Committee (SCC) of Azerbaijan, in January-October 2013, trade turnover between Azerbaijan and the United States amounted to $1.19 billion.

During the reporting period Azerbaijani products worth $311.52 million were exported to the U.S., while imports from the U.S. into Azerbaijan amounted to about $877.17 million.