Azerbaijan, Baku, 2 June/ corr. Trend I. Khailova/ The Export and Investments Promoting Fund of Azerbaijan (AZPROMO) will sign two memorandums on exchange of information with the Belarusian Chamber of Commerce and Center for Marketing and Current Prices, under the Foreign Ministry of Belarus, in Minsk on 2 June, the Fund said on 2 June. The signing ceremony will be held within the framework of ongoing Azerbaijani-Belarusian business forum.
The Azerbaijani delegation, who is taking part in the work of business forum, will be led by the President of AZPROMO Emil Majidov. The delegation will also include the representatives of 10 local companies specialized in construction, food industry and machine building.
It is the second meeting of the business circles of the two countries. The first business forum was held in January 2008 in Baku.
The mutual relations between the two countries have expanded for the last years; however the current level of the trade turnover does not reflect the real economic potential of the bilateral relations. The trade turnover between the two countries increased by 5 times for the last 5 years totaling to $37mln in 2006 and $79.3mln in 2007- $76.9 of which accounts for import.
The key focus of the bilateral economic cooperation is to create favorable conditions for establishment and activities of the joint ventures. At present, there are 12 companies and enterprises with the Belarusian share in Azerbaijan. Bakinskiy Rabochiy Machine Works of Azerbaijan and MZKT UP are cooperating to produce jointly mobile drilling rigs for drilling oil and gas wells.
The International Bank of Azerbaijan (IBA) has opened the settlement accounts to credit export and import operations. Apart from this, work is being carried out to establish the long-term and mutually beneficial relations between IBA and Belpromstroybank.
The official exchange rate for 2 June is 0,8201 AZN/USD
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