Europe has invested over $20 billion in the Azerbaijani economy over the past 10 years, Azerbaijani Economy Minister Mikayil Jabbarov said at the EU-Azerbaijan business forum on May 17.

“The EU is a reliable trade and economic partner of Azerbaijan. More than 700 companies from the EU work in Azerbaijan. Trade between Azerbaijan and the EU is expected to grow this year,” Jabbarov said.

Minister also said that Azerbaijan’s GDP increased by 5.6 percent in 2021 compared to 2020.

“Other indicators have also grown, including in oil and gas and non-oil industries. Growth in the production of non-oil products since the beginning of 2022 has amounted to about 40 percent, which contributes to an increase in tax revenues. We are talking about an amount of $250 million,” Jabbarov added.