Azerbaijan and Ukraine adopt Action Plan for the Development of Economic Cooperation

The 14th meeting of the Intergovernmental Commission on Economic Cooperation between the Republic of Azerbaijan and Ukraine was held in Uzhhorod, Ukraine. The meeting, co-chaired by Azerbaijan's Minister of Energy Parviz Shahbazov and Ukraine's First Deputy Prime Minister and Minister of Energy Denys Shmyhal, focused on the current state and prospects for the development of political relations and cooperation on trade and economy, investment, energy, transport, technology and innovation, culture, science and education, tourism, and other areas between the two countries.

Energy Minister Parviz Shahbazov emphasised that Azerbaijan-Ukraine relations are developing on a solid political foundation built on strategic partnership and mutual trust. He noted that despite challenging circumstances, our economic and trade relations continue to progress and show good potential. In the first eight months of this year, bilateral trade grew by 10.5 percent and Azerbaijan’s exports to Ukraine by 17 percent. Cumulative bilateral investment reached USD 513.5 million. A total of 290 commercial entities with Ukrainian investment operate in Azerbaijan.

The meeting explored opportunities to expand cooperation in renewable energy, energy efficiency, energy storage technologies, heat pumps, and the electricity sector. The importance of developing the Caspian-Black Sea-Europe Green Energy Corridor in terms of regional energy connectivity was emphasised. The significance of joint projects in priority areas of economic cooperation was also highlighted.

Azerbaijan's humanitarian and reconstruction assistance to Ukraine was also discussed. It was noted that since the outbreak of the war, Azerbaijan’s humanitarian, rehabilitation and reconstruction assistance to Ukraine has reached approximately 52 million USD. Information was provided on assistance in the form of equipment for energy infrastructure, the restoration of social facilities in the city of Irpin, and support for the rehabilitation of Ukrainian children.

First Deputy Prime Minister and Minister of Energy Denys Shmyhal stated that Ukraine attaches great importance to developing its strategic partnership and economic cooperation with Azerbaijan. Highly appreciating Azerbaijan's continued support for Ukraine, the Minister expressed his gratitude to Azerbaijan for its solidarity and assistance. It was noted that essential equipment delivered to Ukraine under more than 10 energy assistance packages provided by Azerbaijan to date has played an important role in restoring energy supplies.

Following the discussions, a Protocol on the outcomes of the Governmental Commission's meeting was signed. An Action Plan for 2026-2027, covering measures across 14 areas, was also adopted.

The Azerbaijan-Ukraine Business Roundtable was also organised as part of the meeting. Addressing the Roundtable, Minister of Energy Parviz Shahbazov stated that the private sector and joint investments play an important role in strengthening economic cooperation between the two countries. Azerbaijan's favourable investment environment, the Alat Free Economic Zone, industrial parks, and transport and digital connectivity offer extensive opportunities for joint production and access to regional markets. Energy and energy efficiency, as well as agro-industry, food processing, logistics, and industry, were identified as promising areas of cooperation. The prospects for Azerbaijani companies' participation in Ukraine's industrial parks, public-private partnerships, and reconstruction projects were also addressed. As part of the visit, a wind turbine manufacturing facility and the ATEF enterprise at Khust Industrial Park were visited, and their operations were reviewed.