BAKU, Azerbaijan, October 12. Azerbaijan and Cambodia are preparing an agreement on the mutual protection of investments, Azerbaijan's Minister of Economy, Mikayil Jabbarov, said at the Azerbaijan-Cambodia business forum taking place in Baku on Monday, Trend’s correspondent reports from the event.
"An agreement on the promotion and mutual protection of investments is currently being drafted, and we’ll soon complete this work through our joint efforts. We invite companies to submit concrete project proposals, including information on required partners, financing approaches, and target markets," he also said.
Jabbarov noted that Azerbaijan's Ministry of Economy, together with the Ministry of Commerce of Cambodia, can support this process by facilitating business contacts, providing information on investment opportunities, and organizing follow-up activities in specific sectors.
The minister also outlined promising areas for cooperation between Azerbaijan and Cambodia across various economic sectors.
"Our logistics operators should work together to identify commercially viable routes.
The large-scale reconstruction of the liberated territories is creating a new economic space. The Aghdam Industrial Park and the Araz Valley Economic Zone, located in the liberated territories, are already operational, and the region is being developed as a 'green' energy zone. Its economic potential offers additional opportunities for investors," he explained.
According to him, cooperation in the fields of mineral resources and the mining industry represents another potential priority area for collaboration.
"All activities of Azerbaijani companies, both domestically and abroad, are conducted in accordance with strict environmental standards. To translate these opportunities into concrete projects, we require a clear legal framework and consistent, ongoing effort. I would like to thank our dear friends and colleagues from Cambodia. Today, we signed an intergovernmental framework agreement on trade and economic cooperation, as well as an agreement on the avoidance of double taxation," he mentioned.
Jabbarov pointed out that the goal is to build economic relations that create long-term value and strengthen the friendship between the two countries.
"Azerbaijan and Cambodia are geographically far apart; however, in the modern economy, distance is defined not so much by kilometers as by the strength of business ties. I am confident that today's discussions will help bring our countries closer together. Last but not least, I would like to thank the Cambodian Minister of Commerce and the Cambodia Chamber of Commerce for their collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO) in organizing today's event," the minister added.
