Shahin Mustafayev: EU countries invested over $33 billion in Azerbaijani economy

The countries of the European Union (EU) have invested $33.6 billion in the economy of Azerbaijan until today and Azerbaijani investments in European countries reach $15 billion, Minister of Economy of Azerbaijan Shahin Mustafayev told journalists in the framework of the EU-Azerbaijan business forum held in Baku.

"There is a great potential for the development of investment cooperation and a favorable business environment has been created for this in Azerbaijan," the minister said.

According to him, at present, 1,600 companies from EU countries are operating in Azerbaijan.

Relations between Azerbaijan and the EU are developing successfully in all directions, both in the political and in the economic sphere, particularly in energy, trade, investment, ICT, Mustafayev said, adding that Azerbaijan is the main trade partner of the EU in the Caucasus.

"The share of Azerbaijan in EU trade with the countries of the South Caucasus makes 78%," the minister said. The EU-Azerbaijan business forum, held for the fifth time, involves about 1,000 companies.