Azerbaijan, Serbia discuss economic, trade ties at intergovernmental commission session
Azerbaijani economic officials are visiting Serbia to discuss ways to advance economic relations between the two countries and explore opportunities for further cooperation across various sectors.
During their visit to Belgrade, the Azerbaijani delegation attended the 9th session of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, as well as the Azerbaijan-Serbia Business Forum in Belgrade, News.Az reports, citing local media..
In a one-on-one meeting held before the session between the co-chairs of the Commission - Azerbaijan's Minister of Finance Samir Sharifov and Serbia's Minister of Foreign Affairs Nikola Selaković, the parties discussed the current state and new opportunities for cooperation in economic, trade, energy, transport, information technology, customs, agriculture, tourism, social protection, healthcare, education, culture, youth, sports, and food security sectors. They also exchanged views on the agenda of the 9th session of the Commission.
At the Commission's session, attended by delegations from both sides, Sharifov emphasized that the strategic partnership between Azerbaijan and Serbia is based on mutual trust, friendship, and respect. He noted that the strong political will and personal friendship of Presidents Ilham Aliyev and Aleksandar Vučić form a solid foundation for bilateral relations.
According to Sharifov, reciprocal visits and meetings of the heads of state in recent years, within the framework of international events, clearly demonstrate the depth of strategic dialogue between the two countries. He also highlighted the importance of inter-parliamentary cooperation, which was strengthened by the recent visit of Ana Brnabić, Prime Minister of Serbia, to Azerbaijan.
Speaking about cooperation in economic and trade sectors, Sharifov stated that the increase in mutual trade turnover between Azerbaijan and Serbia, the organization of business missions, and the expansion of ties between entrepreneurs serve the strategic interests of both countries. “Serbia is an important partner of Azerbaijan in Southeastern Europe. In the coming period, the implementation of joint projects in areas such as economy, finance, industry, tourism, transport, and energy will further expand this cooperation,” he said.
Sharifov noted that currently, nine Serbian companies are operating in Azerbaijan, and Azerbaijan's leading construction companies are successfully implementing large highway projects in Serbia. He also stated that the interest of Serbian companies in participating in the restoration and reconstruction of Azerbaijan's territories liberated from occupation is welcomed, and cooperation in this area will further deepen economic ties.
Energy cooperation, a key direction of bilateral relations, was a central focus during the Commission's session. It was noted that Azerbaijan began supplying natural gas to Serbia in January 2024, and to date, approximately 300 million cubic meters have been exported. The State Oil Fund of Azerbaijan (SOFAZ) has an investment portfolio of $72.7 million in Serbia. Moreover, collaboration among SOCAR, EPS, and Srbijagas on the construction of a 500 MW combined-cycle gas turbine power plant in the city of Niš will elevate the parties' energy partnership to a new stage.
Sharifov also stressed that strengthening transport and logistics ties is a priority for both countries, highlighting initiatives such as transport corridors and the green energy corridor announced within the framework of the Armenia-Azerbaijan peace process, which promise significant regional opportunities. He extended congratulations to Serbia for hosting the EXPO 2027 Belgrade exhibition and stated that Azerbaijan will actively participate.
In his speech, Selaković emphasized that cooperation between Azerbaijan and Serbia is built on principles of mutual respect and benefit, covering strategic sectors. He noted the importance of expanding ties in construction, infrastructure, transport, trade, agriculture, energy, culture, and tourism. Selaković reaffirmed the friendly and mutually trusting relations between Serbia and Azerbaijan, based on respect for sovereignty and territorial integrity, and expressed gratitude to Azerbaijan for not recognizing Kosovo's unilaterally declared independence and for consistently supporting Serbia in international organizations.
He also noted that bilateral relations have a strategic character, formalized by the 2013 Strategic Partnership Declaration, the 2018 Joint Action Plan, and the 2022 Memorandum of Understanding on the Establishment of the Strategic Partnership Council. Selaković expressed hope that the first session of the Strategic Partnership Council will be held by the end of 2025 and once again invited Azerbaijan to participate in EXPO 2027 Belgrade.
After the session concluded, a protocol on the results of the 9th session of the Intergovernmental Commission was signed by Sharifov and Selaković. Additionally, a Roadmap for the Implementation of Activities within the Framework of the Memorandum of Understanding was signed by Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency of Azerbaijan (KOBIA), and Nikola Janković, Director for International Cooperation of the Development Agency of Serbia.
The co-chairs then answered questions from the press.
Following the press conference, the Azerbaijan-Serbia Business Forum was held with participation from state and private sector representatives. Sharifov and Selaković delivered speeches at the forum.
In his address, Sharifov stated that the results of the 9th session of the Joint Commission define the future directions of cooperation, reflecting the spirit of friendship and strategic partnership in Azerbaijan-Serbia relations. He noted that intergovernmental dialogue creates a reliable platform for deepening economic ties, while the business communities serve as the main driving force of this process.
The minister emphasized that Azerbaijan's economic policy is based on transparency, sustainability, and diversification. He highlighted opportunities for the business environment, including the Alat Free Economic Zone and the new transport and logistics infrastructure being developed within the Middle Corridor project connecting Asia and Europe, which create great potential for investors. He invited Serbian companies to actively participate in projects in Azerbaijan and Azerbaijani companies to expand cooperation in Serbia and the broader Balkan region.
At the end of his speech, Sharifov expressed confidence that friendship and strategic partnership between Azerbaijan and Serbia will continue to strengthen, wishing forum participants fruitful discussions and new business agreements.
Within the framework of the forum, bilateral meetings were held between businesspeople to discuss cooperation and prospects for joint projects in areas of mutual interest. AZPROMO Executive Director Yusif Abdullayev delivered a speech at the business forum.
Overall, more than 50 companies, including 16 from Azerbaijan, participated in the forum.
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