Austrian Federal Economic Chamber to organize economic mission to Baku (Exclusive)

The Austrian Federal Economic Chamber will organize an economic mission to Baku at the beginning of November 2019 with a special focus on energy, infrastructure, agriculture, technology and environmental technologies, Austrian Federal Ministry for Digital and Economic Affairs told Trend.

Moreover, the ministry said that an important forum to evaluate and strengthen the bilateral economic relations and to discuss cooperation opportunities and projects is the Joint Economic Commission.

"The next session of this Joint Commission will take place next year in Baku," said the federal ministry.

Talking about the investment opportunities between the two countries, the Federal Ministry for Digital and Economic Affairs said that as of yet, Austrian companies do not have a strong presence in Azerbaijan.

"About fifteen Austrian companies are represented by subsidiaries or joint ventures on the Azerbaijan market reaching an investment volume of about €2 million. Two companies from Azerbaijan are present in Austria," said the ministry.

The ministry reminded that Austria’s ÖBB Rail Cargo Group and Azerbaijan Railways have signed a memorandum of understanding in December 2017 to intensify cooperation and to generate new traffic along the Trans-Caspian Silk Road rail route.

In this regard, the ministry said that the Baku-Tbilisi-Kars railway is a strategic project to develop and strengthen rail freight routes between Europe and Central Asia.