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Possibilities for Lithuanian-Azerbaijani business cooperation have not yet been fully exhausted, therefore economic exchange between the countries could be more intensive in the future, Lithuania’s Minister of Foreign Affairs Audronius Ažubalis said after the first meeting of the Lithuanian-Azerbaijani Intergovernmental Cooperation Commission on 26 May in Vilnius.

According to Minister A.Ažubalis, Azerbaijan’s market is attractive to Lithuanian entrepreneurs, who produce food products, textile and provide IT services. Lithuanian and Azerbaijani entrepreneurs are developing joint investment projects in the areas of tourism and wellness.

The Minister stressed that Lithuania and Azerbaijan shared common interests in cooperation aiming to diversify energy supplies for Europe.

Co-chairs of the meeting, Minister A.Ažubalis and Azerbaijan’s Minister of Taxes Fazil Mamedov signed the protocol that summarizes the discussions and outline further directions for cooperation between the countries in economy, transport, energy, culture and other areas.

During the meeting, Lithuania’s Minister of Foreign Affairs emphasized that agreements, which had been signed with Azerbaijan in the past, were now filled in with bilateral initiatives and the EU’s Eastern Partnership projects, and bilateral relations were developing rapidly.

“Despite tendencies of the global economy, bilateral trade almost did not decrease and Lithuania’s exports to Azerbaijan actually increased by 15 per cent last year,” Minister A.Ažubalis said.

In 2009, Lithuanian-Azerbaijani trade turnover amounted to 74.2 million Litas. Lithuania’s exports to Azerbaijan were 60.7 million Litas. Last September the Lithuanian Trade House was opened in Baku.

Lithuania’s Minister of Foreign Affairs assured that Lithuania’s position on the Nagorno-Karabakh was in line with the position of Catherine Ashton, High Representative of the European Union for Foreign Affairs and Security Policy. The position is that the EU did not recognize any “elections” in Nagorno-Karabakh and aimed to make every effort to ensure that the negotiations regarding this conflict would end successfully.

The Lithuanian-Azerbaijani Intergovernmental Cooperation Commission was established in 2009 in compliance with the agreement between the Governments of Lithuania and Azerbaijan on cooperation in the areas of economy, industry and energy.