SECO: Swiss companies could be valuable partners in development of Azerbaijan’s non-gas sector

In the course of the diversification of the Azerbaijani economy, Swiss companies could be valuable partners in the development of the non-gas sector of the country, State Secretariat for Economic Affairs (SECO) of Switzerland told Trend.

Furthermore, the rich experience of Swiss companies active in the infrastructure and transport sector could allow to significantly contribute to the development of Azerbaijan as a transit hub, according to SECO.

The State Secretariat further said that the bilateral economic relations between Switzerland and Azerbaijan are good, but still have potential.

“In 2018, the trade volume between the countries amounted to CHF 237 million. Furthermore, the relations between the countries are strengthened by the long-standing technical economic cooperation. Today, the Swiss technical support focuses on complex macro-economic reforms, ranging from public finance management, government statistics to macro-economic modelling. Switzerland is also a long-term supporter of the financial sector development in Azerbaijan. This year, Switzerland’s development cooperation is actively engaged in Azerbaijan for 20 years,” said SECO.

The State Secretariat recalled that according to the latest IMF statistics, Swiss foreign direct investments (FDI) in Azerbaijan amounted to $364 million by the end of 2017 making Switzerland the 14th investor in Azerbaijan.

“One of the most important investors in the non-oil sector of Azerbaijan is the Swiss company Holcim (cement production). As for Azerbaijani investments in Switzerland, SOCAR has made important investments,” said SECO.