On 14 January, the 5th meeting of the Intergovernmental Commission on Economic Cooperation between Azerbaijan and Italy will take place in Rome.
Energy Minister Parviz Shahbazov of Azerbaijan and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano will meet in Rome to debate expansion of cooperation in the fields of trade, economy, energy, logistics, and infrastructure, as well as in the fields of agriculture, culture and tourism, the energy ministry told local media.
There will also be a session to speak about investment opportunities and possibilities for collaboration between the two countries. Members from the Azerbaijan Export and Investment Promotion Fund (AZPROMO), the Small and Medium Enterprise Development Agency (SMEs), the State Oil Fund of Azerbaijan and linked Italian structures will participate in the session.
Following the meeting, the final Protocol will be drafted.
As part of the event, Parviz Shahbazov will meet regularly with Italian Economic Development Minister Stefano Patuanelli, as well as officials of the companies Ansaldo Energia, Maire Tecnimont, Technip FMC, DBA Group and Alstom Italia.
Italy and Azerbaijan are Energy strategic partners.
Italy is one of Azerbaijani oil’s principal purchasers. Since 1995, the Italian company Eni has been engaged in several initiatives relating to the operation of oil and gas fields in Azerbaijan, laying the foundation for economic integration between countries. Italy has received a large portion of Azerbaijani oil exported through the Baku-Supsa pipeline and through the Baku-Ceyhan since 1999.
In 2004 the countries agreed to sign a Joint Declaration for the formation of a Council for Economic, Industrial, and Financial Cooperation between Italy and Azerbaijan.
In 2006, the first session of the Intergovernmental Commission on Economic Co-operation between Azerbaijan and Italy was held.
Italy is an essential Azerbaijani economic and trade partner. Italy pays for around 20 percent of our foreign trade turnover. The Trans Adriatic Pipeline (TAP), which is the major part of the Southern Gas Corridor (SGC), will also deliver gas to Italy.
Azerbaijan exports primarily oil products to Italy, as well as chemical products, while Italy provides goods to Azerbaijan, the light and food industries.