Economic ties between Ukraine and Azerbaijan are gaining momentum. Bilateral trade has reached around $600 mln, while Ukraine aims to restore trade volumes to at least pre-war levels. In 2021, trade between the two countries exceeded $920 mln, highlighting significant potential for further growth.
The cooperation already extends well beyond trade. Azerbaijani capital is present in several strategic sectors of the Ukrainian economy. One of the most prominent examples is NEQSOL Holding, whose Ukrainian portfolio includes Vodafone Ukraine and UMCC Titanium. In 2024, through its subsidiary, the holding acquired 100% of the United Mining and Chemical Company for UAH 3.94 bln and announced plans for further investment in the modernisation and development of the asset.
On 25-26 September, the UkraineInvest team participated in the 2nd Azerbaijan International Investment Forum in Baku, continuing engagement with Azerbaijani businesses, investors and investment institutions. UkraineInvest was represented by Executive Director Maryna Khlystun and Lead Expert for International Cooperation Elina Shapovalova.
The Forum brought together government representatives, international financial institutions, investment funds and leading businesses to discuss regional economic cooperation, industry, energy, infrastructure, digital transformation and the mobilisation of international capital.
Ukraine sees considerable potential to expand cooperation with Azerbaijani businesses in energy and energy infrastructure, transport and logistics, industrial manufacturing, critical raw materials, agri-food processing, construction materials and digital infrastructure. The development of Trans-Caspian routes is another important area, opening additional opportunities to strengthen Ukraine’s trade and logistics links with the Caucasus and Central Asia.
During the Forum, the UkraineInvest team held a series of meetings with Azerbaijani and international companies, investors and funds. These included discussions with representatives of NEQSOL Holding and ATEF on opportunities for further cooperation.
One of the key practical outcomes of the visit was the signing of a Memorandum of Understanding betweenUkraineInvestandAZPROMO – the Export and Investment Promotion Agency of the Republic of Azerbaijan. The MoU was signed by UkraineInvest Executive Director Maryna Khlystun and AZPROMO Executive Director Yusif Abdullayev.
The Memorandum sets out practical areas for cooperation between the two investment promotion agencies. In particular, UkraineInvest and AZPROMO will work together to:
Maryna Khlystun also joined the closed-door Azerbaijan Infrastructure Investment Dialogue, organised by SOFAZand BlackRock. Discussions focused on three major areas requiring significant long-term capital: AI and digital infrastructure, energy infrastructure, and strategic transport and logistics corridors.
The next stage for UkraineInvest will be to broaden the pipeline of Azerbaijani companies considering investment in Ukraine, connect them with concrete Ukrainian investment projects, and develop cooperation in sectors where the interests and capabilities of the two countries offer the strongest potential for practical partnerships.
UkraineInvest extends its appreciation to the Embassy of Ukraine in the Republic of Azerbaijan and Ambassador of Ukraine Yuriy Husyev for supporting cooperation with AZPROMO and the broader Ukraine-Azerbaijan investment dialogue.
A short video from the Forum is available here: https://www.youtube.com/watch?v=894X7JqAj6o
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