Austrian companies plan on developing many projects in different fields in Azerbaijan in 2022, according to the Austrian Ministry for European and International Affairs.

“As Austrian companies are active globally, with expertise ranging from renewable energies to tourism, we are convinced that Austrian knowledge and expertise can offer a lot. Certainly in the next months, many projects will come to fruition,” the ministry said.

In this regard, an economic mission comprising a few dozen Austrian companies together with the annual mixed economic commission with concrete investment projects in hydropower and wind energy has visited Azerbaijan.

The ministry also noted that active cooperation in the railway sector is expected between Azerbaijan and Austria.

“Azerbaijani and Austrian railways look back on a long history of friendly cooperation and strategic planning that will certainly develop further, as Russia’s war against Ukraine has increased the importance of the so-called Middle Corridor [Trans-Caspian International Transport Route],” the source added.

Also, Austrian MFA has assessed Azerbaijan’s importance amid the current energy crisis due to the war between Russia and Ukraine.

“Azerbaijan stands at the crossroads of the oldest and most important oil and gas regions of the world. Needless to say that this war will have significant consequences also for Azerbaijan, as the most important economies of the world try to reduce imports from Russia in the fossil energy segment,” the ministry said.

Overall, Azerbaijan and Austria have embassies and trade missions active in both countries, including excellent business to business contacts which grew considerably stronger this year, the source concluded.