On February 20, the Cassa Depositi e Prestiti Group, SACE and SIMEST signed a strategic partnership agreement with Azerbaijan Investment Company and Azpromo, to promote the diversification of the economy of the Caucasian country and Made in Italy products.

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The agreement, signed at Palazzo Chigi by Fabrizio Palermo, CEO of CDP, Pierfrancesco Latini, CEO of SACE and Mauro Alfonso, CEO of SIMEST – in the presence of the Prime Minister Giuseppe Conte and the President of the Republic of Azerbaijan Ilham Aliyev -, aims to strengthen commercial opportunities between Italy and Azerbaijan.

It is not just about support and investment in the crude oil and gas sector, but also in agriculture, textiles, wine, transport, infrastructure and tourism; particular attention is given to projects with significant social, environmental and economic development impacts.

Diversification is now the purpose of trade with Azerbaijan, an exchange that is worth almost six billion euros a year, but which is mostly characterized by Italian imports. The former Soviet republic, in fact, represents a market still to be explored for our country: exports are limited to around 300 million euros.

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Presidents Aliyev and Mattarella togheter in Rome

Among the many agreements signed on this day between the companies of Italy and Azerbaijan, of great importance is the Memorandum of Uderstanding signed by Pasquale Salzano, President of SIMEST, and by Yusif Abdullayev, President of Azpromo – Azerbaijani government agency for the promotion of the economy local – to encourage opportunities for trade between the two countries. The agreement aims, in particular, at the exchange of know-how and best practices in the business field, in addition to sharing information on projects of mutual interest.

Azerbaijan is a strategic bridge between Europe and Asia and could represent an excellent turning point for the Italian economy.