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5th meeting of Intergovernmental Commission between Azerbaijan and Hellenic Republic was held

13 June 2024 13:45 (UTC +04:00)

The Fifth Session of the Joint Commission on Economic, Industrial and Technological Cooperation between the Government of the Republic of Azerbaijan and the Government of the Hellenic Republic was held at the Ministry of Energy, the ministry told APA-Economics.

It was noted that last year trade turnover amounted to 1.4 billion USD, and the Southern Gas Corridor played an important role in the energy security of Europe, including Greece. The contribution of Azerbaijani gas to the diversification and decarbonization of supplies in Europe through the Trans-Adriatic Pipeline (TAP) and the Greece-Bulgaria interconnector (IGB) was noted. Energy Minister Parviz Shahbazov said that more than 3.6 billion cubic meters or 10 percent out of 36.8 bcm of gas supplied to Europe for 3.5 years fell to Greece: “Last year, about 18 percent of Greek gas demand was provided by Azerbaijani gas. By the end of the year, 1.2 bcm of gas is expected to be exported to the Hellenic Republic."

The Minister also said that Azerbaijan, a reliable European energy supplier and successfully implementing a green growth policy, is hosting COP29 this year as a result of great trust and respect on an international scale. In this new historical period with a rich cooperation agenda, energy is one of the priority topics.

Deputy Minister of Foreign Affairs of the Hellenic Republic Konstantinos (Costas) Fragkogiannis said that the Session of the Commission reflects the willingness of both countries to build strong bilateral relations: “An advanced framework was established for further developing and promoting synergies in various fields including trade and investment, energy, transport, agriculture, technology, healthcare, and tourism. In general, the 5th session of the Joint Intergovernmental Committee lays the foundation for a sustainable, constructive and effective dialogue and exchange of views between Greece and Azerbaijan.”

At the meeting, discussions were held on the development of cooperation in trade, industry, energy, transport, tourism, agriculture, education, health, culture and other areas. Information on the favorable investment climate in our country, opportunities for cooperation in the ALAT Free Economic Zone, industrial zones and agrarian parks, cooperation opportunities on the Trans-Caspian International East-West Middle Corridor was brought to the attention. Within the the Commitee, a two-year Action Plan was adopted, which defines the roadmap for cooperation in all areas.

At the end, the protocol of the Fifth Session of the Joint Commission on Economic, Industrial and Technological Cooperation between the Republic of Azerbaijan and the Hellenic Republic and a Memorandum of Understanding between Export and Investment Promotion Agency of the Republic of Azerbaijan- AZPROMO and Entrerprise Greece Agency were signed.