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Economic relations

Economic relations

There are close economic relations between Azerbaijan and Lithuania in addition to a number of other fields of cooperation. Using the current economic opportunities, the two countries strive to further extend the economic relations.

The agreements signed between Azerbaijan and Lithuania on “Avoidance of double taxation with respect to taxes on income and on capital” and “Promotion and Protection of Investments” are of special importance for mutual protection of investments and expansion of the involvement of the enterprises of the two countries in ongoing projects.

The business forums held in the two countries contribute significantly to the development of economic relations. 7 business forums have been held up to now. These business forums created considerable opportunities to develop cooperation in several fields of economy and to build new relations between the business structures.

In 2010, the trade turnover between the Republic of Azerbaijan and the Republic of Lithuania was 28.3 million USD. The volume of import amounted to 26.2 million USD, while the volume of export amounted to 2.1 million USD.

In 2011, the trade turnover was 25.0 million USD. The volume of import amounted to 20.0 million USD, while the volume of export amounted to 5.0 million USD.

In 2012, the trade turnover was 24.00 million USD. The volume of import amounted to 21.3 million USD, while the volume of export amounted to 2.7 million USD.

In 2013, the trade turnover was 21.8 million USD. The volume of import amounted to 19.6 million USD, while the volume of export amounted to 2.2 million USD

In 2014, the trade turnover was 30.4 million USD. The volume of import amounted to 29.7 million USD, while the volume of export amounted to 0.7 million USD

In 2015, the trade turnover was 27.4 million USD. The volume of import amounted to 26.9 million USD, while the volume of export amounted to 0.5 million USD

In 2016, the trade turnover was 17.3 million USD. The volume of import amounted to 14.9 million USD, while the volume of export amounted to 2.4 million USD

The trade turnover between Azerbaijan and Lithuania from January to July, 2017, equaled to 10.5 million USD. The volume of import amounted to 9.5 million USD, while the volume of export amounted to 1.0 million USD in the said period.

The information about the economic activities carried out in the Republic of Lithuania is posted on the website of the Ministry of Economy and Industry with the view to keep the entrepreneurs and business circles operating in Azerbaijan informed.

Lithuanian companies take an active part in the international fairs organized by ITECA Caspian LLC, a company organizing fairs and conferences in the Republic of Azerbaijan.

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