The Intergovernmental Commission on Economic Cooperation between Azerbaijan and Italy will hold its 5th meeting in Rome on 14 January.
Energy Minister Parviz Shahbazov of Azerbaijan and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano will meet in Rome to negotiate extension of cooperation in the fields of industry, trade, energy, logistics, and infrastructure, as well as in the spheres of agriculture, culture and tourism, the electricity ministry told local media.
There will also be a session to explore investment opportunities and cooperation opportunities between the two countries. Members from the Azerbaijan Export and Investment Promotion Fund (AZPROMO), the Agency for Small and Medium Enterprise Development (SMEs), Azerbaijan State Oil Fund and relevant Italian institutions will engage in the session.
The final Protocol will be drafted after the conference.
As part of the event, Parviz Shahbazov will meet regularly with the Italian Minister for Economic Development, Stefano Patuanelli, as well as the business officials Ansaldo Energia, Maire Tecnimont, Technip FMC, DBA Group and Alstom Italia.
Italy and Azerbaijan are strategic partners in relation to oil.
Italy is one of the principal purchasers of Azerbaijani crude. The Italian company Eni has been involved in several initiatives related to the development of oil and gas fields in Azerbaijan since 1995, laying the foundation for the economic integration between countries. Since 1999, Italy has received a large portion of Azerbaijani oil exported via the Baku-Supsa pipeline and via the Baku-Ceyhan.
In 2004 the countries signed a Joint Declaration between Italy and Azerbaijan to form a Council for Cultural, Industrial, and Financial Cooperation. The first session of the IGC on Economic Co-operation between Azerbaijan and Italy was conducted in 2006.
Italy is an essential economic and commercial partner to Azerbaijan. Italy pays about 20 percent of our turnover in foreign trade. The Trans Adriatic Pipeline (TAP), the major part of the Southern Gas Corridor (SGC), will supply gas to Italy as well.
Azerbaijan exports mainly oil and chemical products to Italy while Italy supplies goods to Azerbaijan, the light and food industries.