Azerbaijan and Cambodia intend to establish a solid economic cooperation.

Deputy Minister of Economy and Industry Sahil Babayev made the remark at the Azerbaijan-Cambodia Business Forum held in Baku on April 22.

The Forum was held as part of the visit of a representative delegation headed by Cambodian Prime Minister Hun Sen. "I am sure that today's forum will not be the last one. It will contribute to strengthening economic cooperation between the entrepreneurs of the two countries," he said.

He noted that the representatives of more than 40 local companies from all sectors of the economy attended the Forum. "We are confident that the existing potential must and will be implemented," he added.

Speaking at the event, Minister of Commerce and Deputy Head of the Cambodian Development Council Sun Chanthol said his country was interested in attracting Azerbaijani investments and establishing lasting business cooperation.

"We exported goods worth $0.5 million to Azerbaijan and imported goods worth $7.7 million in 2012," he added. "The volume of Cambodian exports to Azerbaijan was generally equal to zero in 2013. We imported Azerbaijani goods worth $3.2 million. We held meetings with the Azerbaijani leadership. All sides expressed their willingness and interest in developing cooperation and establishing trade relations. We hope that we will be able to achieve a trade turnover worth $100 million in 2015." Following the business forum, Chanthol said Azerbaijan and Cambodia agreed to establish a bilateral intergovernmental commission on cooperation in economy, trade, and investment.

"During the visit, the officials of the two countries agreed on the need to establish such a commission," he added. "Moreover, a draft agreement on the promotion and protection of mutual investments will be worked out soon." The two countries also intend to work out a treaty on the avoidance of double taxation, he added. He expressed his country's interest in cooperating with Azerbaijan in various spheres.

"First of all, the matter rests on the agriculture and energy sector," he said. "Our country produces about nine million tonnes of rice, and we are ready to export it to Azerbaijan. As for power engineering, we have oil and gas reserves. But they must be assessed, explored, and developed. Azerbaijan is known for its experience and best practice in this area, which could be useful to us."

By Jamila Babayeva

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