BAKU, Azerbaijan, October 23. The 9th session of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, along with the Azerbaijan-Serbia Business Forum, was held in Serbia's Belgrade on October 23, Trend reports via the Ministry of Finance.
Ahead of the session, the Azerbaijani delegation laid flowers at the monument of national leader Heydar Aliyev in Tašmajdan Park, honoring his legacy.
The commission’s co-chairs, Azerbaijan’s Finance Minister Sahil Babayev and Serbia’s Minister of Culture Nikola Selaković, held a preparatory meeting to review the current state and new opportunities in bilateral cooperation across sectors including economy, trade, energy, transport, information technologies, customs, agriculture, tourism, social protection, healthcare, education, culture, youth and sports, and food security.
In his opening remarks, Babayev emphasized that the strategic partnership between Azerbaijan and Serbia is rooted in mutual trust, friendship, and respect, reinforced by the personal rapport of Presidents Ilham Aliyev and Aleksandar Vučić. He noted that recent reciprocal visits and meetings at international events clearly demonstrate the depth of strategic dialogue between the two countries. Babayev also highlighted strengthened interparliamentary cooperation following the visit of Serbian National Assembly Speaker Ana Brnabić to Azerbaijan.
On economic and trade cooperation, Babayev underlined that increasing bilateral trade, organizing business missions, and fostering connections between entrepreneurs serve the strategic interests of both nations.
"Serbia is a key partner for Azerbaijan in Southeastern Europe, and joint projects in economic, financial, industrial, tourism, transport, and energy sectors will further expand collaboration," he noted.
Currently, 9 Serbian companies operate in Azerbaijan, while Azerbaijani construction firms are successfully implementing major highway projects in Serbia. Babayev expressed appreciation for the interest of Serbian companies in participating in the reconstruction and restoration of Azerbaijan’s liberated territories, noting that such engagement deepens economic ties.
Energy cooperation remains a key pillar of bilateral relations. Babayev recalled that Azerbaijan began supplying natural gas to Serbia in January 2024, with around 300 million cubic meters exported to date. The State Oil Fund of Azerbaijan maintains a $72.7 million investment portfolio in Serbia, and a joint project involving SOCAR, EPS, and Srbijagas will construct a 500-megawatt combined-cycle gas turbine power plant in Niš, advancing a regional energy partnership.
The minister also stressed that strengthening transport and logistics connections is a priority for both countries, pointing to initiatives such as transport corridors announced within the Armenia-Azerbaijan peace process and the Green Energy Corridor as opportunities for broader collaboration. Babayev congratulated Serbia on hosting “EXPO 2027 Belgrade” and confirmed Azerbaijan’s active participation.
Selaković noted that cooperation is based on mutual respect and benefit, covering strategic sectors such as construction, infrastructure, transport, trade, agriculture, energy, culture, and tourism. He reaffirmed Serbia and Azerbaijan’s relations grounded in sovereignty, territorial integrity, and mutual trust, appreciating Azerbaijan’s consistent stance on Kosovo’s unilateral declaration of independence.
Selaković emphasized that the strategic nature of the relationship is formalized through agreements, including the 2013 Strategic Partnership Declaration, the 2018 Joint Action Plan, and the 2022 Memorandum of Understanding on the Strategic Partnership Council. He expressed hope that the council’s first session will take place by the end of 2025 and invited Azerbaijan to participate in “EXPO 2027 Belgrade.”
Following the meeting, Babayev and Selaković signed the protocol on the outcomes of the ninth session of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, while Orkhan Mammadov, Chairman of the Board of the Small and Medium-sized Business Development Agency of Azerbaijan (KOBIA), and Nikola Janković, Director of the International Cooperation Sector of the Serbian Development Agency (RAS), signed a detailed Roadmap under the Memorandum of Understanding, outlining the phased implementation of joint projects, investment initiatives, and collaborative programs to deepen bilateral economic and trade cooperation.
The co-chairs subsequently addressed inquiries posed by the media representatives.
Subsequently, an Azerbaijan-Serbia business forum took place, bringing together representatives from both the public and private sectors. Both Babayev and Selaković addressed the attendees.
In his remarks, Babayev emphasized that the outcomes of the 9th session of the Joint Commission set the course for future cooperation, reflecting the spirit of friendship and strategic partnership between Azerbaijan and Serbia. He highlighted that the intergovernmental dialogue provides a robust platform for deepening economic relations, with the business communities serving as the primary drivers of this process.
The minister underlined that Azerbaijan’s economic policy is guided by transparency, sustainability, and diversification. He noted the broad opportunities available for investors, particularly highlighting the new transport and logistics infrastructure under the Alat Free Economic Zone and the "Middle Corridor" project, which connects Asia with Europe, as key enablers of economic growth.
Babayev encouraged Serbian companies to actively engage in Azerbaijan’s ongoing and upcoming projects, while urging Azerbaijani firms to expand their operations in Serbia and across the broader Balkan region.
Concluding his speech, the minister expressed confidence that the friendship and strategic partnership between the two countries would continue to strengthen, and he wished forum participants productive discussions and the successful conclusion of new business agreements.
During the forum, bilateral meetings between business representatives explored opportunities for cooperation and the implementation of joint projects. AZPROMO Executive Director Yusif Abdullayev also addressed the participants.
The business forum witnessed robust participation from more than 50 enterprises, encompassing 16 Azerbaijani entities, thereby highlighting the escalating economic collaboration between the two nations.
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