Trade mission to Azerbaijan

The Slovak Investment and Trade Development Agency (SARIO) in cooperation with the Slovak Government Office, the Ministry of Foreign and European Affairs of the Slovak Republic, the Ministry of Economy of the Slovak Republic, the Embassy of the Slovak Republic in Baku and the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO) organised a trade mission to Baku on 6th – 7th of May 2024, which took place on the occasion of the official visit of Robert Fico, the Prime Minister of the Slovak Republic to Azerbaijan. 

Officials of the Government of the Slovak Republic also participated in the trade mission, including Denisa Saková , the Deputy Prime Minister and Minister of Economy of the Slovak Republic,  Robert Kaliňák, the Deputy Prime Minister and Minister of Defence of the Slovak Republic, and Juraj Blanár, the Minister of Foreign and European Affairs of the Slovak Republic. 

As part of the trade mission, a Slovak-Azerbaijani Business Forum was organised on 7th of May 2024 for a total of 38 participating Slovak companies and institutions. The Slovak participants had the opportunity to negotiate with representatives of 53 Azerbaijani companies and state institutions. The Azerbaijani side was represented by representatives of such structures as AerzEnergy, SOCAR, Azerbaijan Renewable Energy Agency, Ministry of Defence of the Republic of Azerbaijan, Ministry of Defence Industry of the Republic of Azerbaijan and others key stakeholders. 

During the Slovak-Azerbaijani Business Forum, speeches were made by Mikhail Jabbarov , the Minister of Economy of the Republic of Azerbaijan, Denisa Sakova , the Deputy Prime Minister and Minister of Economy of the Slovak Republic, Yusif Abdullayev, the Director General of AZPROMO, and Robert Šimončič, Chief Executive Officer of SARIO.

During the event, a Memorandum of Understanding was signed between EXIMBANKA SR and the Azerbaijan Investment Company (AIC), as well as a Memorandum of Understanding between the Slovak company SEAK s.r.o. and the Azerbaijani ITECH Group. 

A few days after the event, a cooperation agreement was also signed between the Slovak company Adrian Group s.r.o. and the Azerbaijani partner Global Energy Solutions. 

For the Slovak Republic, Azerbaijan is a story of successful export cases and promising business opportunities. Azerbaijan is the richest country in the South Caucasus - thanks to hydrocarbons, which generate more than half of GDP, 2/3 of state budget revenues and 90% of exports. The country plays a key role in the diversification of energy resources for the EU and represents a strategic transport gateway between Asia and Europe. According to the FDI Standouts Watchlist study, Azerbaijan enters 2024 with significant investment momentum and is ranked 7th on the list of priority FDI destinations.

Over the last ten years, Slovak companies have successfully implemented a number of export trade contracts in Azerbaijan. The mutual trade turnover in 2023 amounted to €79.9 million, with the positive balance of the Slovak Republic reaching to €79.6 million.

The Slovak Investment and Trade Development Agency appreciates the high level of business relations achieved with the Export and Investment Promotion Agency of the Republic of Azerbaijan and looks forward to further cooperation aimed at further development of mutual trade and investment.