AZPROMO: Azerbaijani investments in Switzerland threefold higher than Swiss investments in Azerbaijan

AZPROMO: Azerbaijani investments in Switzerland threefold higher than Swiss investments in Azerbaijan

Economy
21 October 2019, 13:50 28
The volume of Azerbaijan - Switzerland turnover increased fivefold in the first eight months of 2019, Head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev said at the Azerbaijani-Swiss business forum, Trend reports.
According to the head of AZPROMO, from January through August 2019, trade turnover between Azerbaijan and Switzerland amounted to $1.3 billion, which is five times more compared to the same period last year.
"At the end of 2018, trade turnover between the two countries amounted to $648 million, of which $135 million accounted to the Azerbaijani export, while imports reached $513 million. Moreover, Azerbaijan invested $2.7 billion in the Swiss economy: $1.9 billion in the oil sector, $760 million in the non-oil sector," Abdullayev said.
According to Abdullayev, the bulk of Switzerland's investments in the Azerbaijani economy accounted for the non-oil sector's share.
"In particular, Switzerland invested $861 million in the Azerbaijani economy, of which $794 million fell on the non-oil sector," Abdullayev said.