An Azerbaijan-Czech business forum was held in Gabala on April 27, with the participation of President Ilham Aliyev and the Prime Minister of the Czech Republic, Andrej Babiš. The event, organized by the Ministry of Economy, focused on exploring new investment opportunities and strengthening bilateral trade relations between the two nations.
Operative Information Center-OMM reports that both President Ilham Aliyev and the Czech Prime Minister delivered keynote speeches at the forum, emphasizing the strong political foundation that supports economic cooperation.
Addressing the participants, President Ilham Aliyev highlighted Azerbaijan's stable financial and economic environment. "For nine years, our currency has remained stable, with the exchange rate fixed at 1.7 manat to the dollar since 2017. This is a crucial indicator for any potential local or foreign investor," the President stated. He noted that Azerbaijan has attracted $350 billion in investment over the last 20 years, nearly half of which came from foreign partners. The President also emphasized the reconstruction efforts in the liberated territories of Garabagh and East Zangilan, inviting Czech companies to participate in infrastructure projects and renewable energy initiatives, with a goal of reaching 8 gigawatts of green energy by 2032.
Prime Minister Andrej Babiš described Azerbaijan as a strategic partner for the Czech Republic, noting that it is his first visit to a non-EU country in his current capacity. He highlighted that Azerbaijan is the Czech Republic's top crude oil supplier, accounting for 42 percent of its supply. The Prime Minister introduced a delegation of 50 leading Czech companies specializing in energy, defense, transport, and geology. He expressed particular interest in expanding cooperation into the natural gas sector and defense industry, mentioning that Czech companies are ready for joint production ventures in Azerbaijan.
The business forum serves as a vital platform for deepening the economic partnership between Baku and Prague. Historically, the two countries have maintained strong diplomatic ties since Azerbaijan's independence, with the Czech Republic being a key supporter of Azerbaijan's cooperation with European institutions. Gabala, where the forum took place, is one of Azerbaijan's ancient cultural centers and was once the capital of Caucasian Albania, now serving as a major hub for international events and tourism in the region.
