Minister of Foreign Affairs Vuk Jeremic and Azerbaijani Minister of Economic Development Shahin Mustafayev today signed a Protocol of the Intergovernmental Commission for Trade and Economic Cooperation between the two countries.

The Protocol is the result of the Commission’s first session held in Belgrade yesterday, at which it was concluded that the relations between the two states are stable and based on the mutual respect of the principle of sovereignty and territorial integrity.

Following the signing at the Serbian Chamber of Commerce, Jeremic said that the good relations between Serbia and Azerbaijan will help to expand their economic cooperation.

He underlined that Azerbaijan is a close partner and ally to Serbia, noting that the two countries share the same stance on unresolved international issues, most notably the unresolved status of Kosovo-Metohija and Nagorno-Karabakh.

The Minister highlighted that Azerbaijan endorses Serbia’s sovereignty and territorial integrity, adding that Serbia feels the same about Azerbaijan’s territorial unity.

In the period ahead Azerbaijan will become one of Serbia’s key economic partners and investors, Jeremic noted, adding that there is a possibility to improve their cooperation in the areas of road infrastructure, pharmaceutical industry, agriculture and energy.

No one can predict the length of the economic crisis which diminishes investment options, which is why it is crucial for Serbia to develop economic cooperation with friendly countries, such as Azerbaijan, he said.

Mustafayev observed that there are conditions to step up the economic cooperation between their two countries in a number of areas, adding that yesterday’s session of the Commission was the first step on this path.

He thanked Serbia for its support to Azerbaijan in terms of the issue of Nagorno-Karabakh, as well as for backing Azerbaijan’s application for permanent membership in the UN Security Council.

The Minister underlined that Serbia is one of Azerbaijan’s key economic partners in the Balkans and that the doors of the Azerbaijani economy are open to Serbian investments.

The Serbia-Azerbaijan Business Forum, taking place at the Serbian Chamber of Commerce, is an opportunity to establish successful contacts between representatives from the two states, Mustafayev noted, adding that Azerbaijan has an important role in the South Caspian region, just as Serbia does in South-eastern Europe.

Mustafayev underlined that Azerbaijan is developing fast in all spheres, and over the past seven years its economic growth tripled, while the budget deficit stands at below 1% of GDP.

He recalled that during 20 years of Azerbaijan’s independence $200 billion has been invested in the country and invited Serbian companies to do business in his country and invest there, just as Azerbaijani companies will do in Serbia.

The Serbia-Azerbaijan Business Forum is taking place at the Serbian Chamber of Commerce today with over 200 participants.

Opening the Serbia-Azerbaijan Business Forum, Minister of Economy and Regional Development Nebojsa Ciric announced a new meeting with Serbian business people in two weeks regarding concrete state support in order to enhance its cooperation with Azerbaijan.

Ciric said that 40 companies from Azerbaijan are participating in the Forum and are very interested in cooperation with Serbia.

The Minister observed that the Serbian Chamber of Commerce and his Ministry agreed to hold a meeting with Serbian business people soon in order to contemplate ways in which the state can help business people to improve their cooperation with Azerbaijan.