Baku hosts 6th meeting of Azerbaijan-Italy Intergovernmental Commission on Economic Cooperation
Baku, January 13, AZERTAC
The 6th Meeting of the Joint Intergovernmental Commission on Economic Cooperation between Azerbaijan and Italy was held in Baku.
Prior to the meeting, the co-chairs of the Commission-Minister of Energy of Azerbaijan Parviz Shahbazov and Deputy Minister of Foreign Affairs and International Cooperation of Italy Edmondo Cirielli held a bilateral meeting.
The sides hailed the successful development of the Azerbaijani-Italian strategic partnership in a wide range from energy to industrial production. They also discussed strengthening high-level political and economic relations through new projects, energy security, partnership with the European Union, and priority areas of bilateral cooperation.
Addressing the meeting, Energy Minister Parviz Shahbazov stated that reciprocal visits of the heads of state, the meetings held between the President of Azerbaijan and the President of Italy, as well as the Prime Minister of Italy Giorgia Meloni during these visits, as well as international events, and the signing of the Joint Declaration on Strengthening Multidimensional Strategic Partnership in 2020 along with 27 documents had elevated interstate relations to a qualitatively new level. “The visit of the President of Italy to Azerbaijan last year, the opening of the Italy-Azerbaijan University, the commissioning of the largest power plant in our country with the contribution of Ansaldo Energia, as well as the investment activities of the State Oil Fund and SOCAR in Italy confirm that our relations are not only limited to the existing cooperation, but also are developing on the basis of a forward-looking strategic agenda. As President Ilham Aliyev emphasized, Azerbaijan–Italian relations are developing successfully, and we are real strategic partners,” the Minister said.
According to him, Italy is Azerbaijan’s largest trading partner, accounting for 25% of the country’s foreign trade turnover and 46.7% of its exports. Up to now, Azerbaijan has invested 342 million USD in Italy, while Italy has invested 805 million USD in Azerbaijan. Currently, the market value of the State Oil Fund’s investment portfolio in Italy stands at 2.8 billion USD. The importance of signing an agreement on the promotion and mutual protection of investments along with joint projects was underlined in order to ensure the growth of these figures. It was also noted that last year Italy was supplied with 10.34 million tons of oil and a total of 9.5bcm of gas through SOCAR alone. TAP has supplied 54.3 bcm of gas to Europe, and Italy with 45.4 bcm. It was further reported that Italy’s CESI SpA is the consulting partner for preparing the feasibility studies of the Caspian-Black Sea-Europe and Central Asia-Azerbaijan green energy corridor projects. The Caspian-Black Sea-Europe Green Energy Corridor, which will be commissioned in stages from 2032, will allow Italy to benefit from the electricity transmitted to the European market.
In his remarks, Deputy Minister of Foreign Affairs and International Cooperation Edmondo Cirielli said: “One of the main objectives of the Commission is to expand investment and business opportunities both in Italy and Azerbaijan. At the same time, both countries have a strategic vision in terms of connection projects, the further development of economic, cultural and interpersonal ties. Italy has become one of the main gateways for reliable partner Azerbaijan to the Mediterranean basin and to the European Union market including 500 million consumers.”
During the discussions, the sides reviewed the political cooperation and the development of collaboration in trade, economy, industry, energy, transport, information and communication technologies, healthcare, science, culture and other areas. The meeting underscored the wide representation of the Made in Italy brand in Azerbaijan, the delivery of C-27J Spartan military transport aircraft, the 334 flights operated by AZAL to Milan last year, and the fact that 89.5% of Italian citizens visited Azerbaijan for tourism as indicators of the comprehensive development of relations. It was also noted that the projects implemented in Italy by Azerbaijani First Vice-President, President of the Heydar Aliyev Foundation Mehriban Aliyeva had contributed to the expansion of cooperation in culture and humanitarian efforts.
In conclusion, the Protocol on the outcomes of the 6th meeting of the Azerbaijan-Italy Joint Intergovernmental Commission was signed, and an Action Plan providing for the implementation of 65 activities across 18 areas for 2026-2027 was adopted.
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