AssA-Irada,
20, September 2007

Azerbaijan and Austria on Thursday signed a Memorandum of Understanding on the application of environmental technologies and the fields of renewable sources of energy and hard waste processing.

The document was inked by Economic Development Minister Heydar Babayev and Austrian economics and labor Minister Martin Bartenstein.

Babayev said in his remarks that the key goal of the measure was to bring bilateral trade turnover to the level of existing opportunities.

"The current volume is considerably below existing potential of the two countries," he said.

According to the State Statistics Committee, the Azeri-Austrian commodities turnover made up $46 million in 2006.

Babayev called for boosting economic ties. He emphasized that several projects are already being implemented with the participation of the two countries' companies, with several more contracts to be signed by the year-end. Work is currently under way on a number of projects, including one on building a plant on processing domestic hard waste. Bartenstein said Austrian EVN company intended to take part in the project on constructing such a plant worth several million euros with the annual capacity of 500,000 tons. Consulting companies have already been drawn to the activities. The next stage will involve conducting closed and open tenders.

Austrian VAMED company is also in talks with Azerbaijan on building hospitals and healthcare centers. Moreover, Austrian businessmen plan to open a diagnostics center in the country, Bartenstein said.

The Austrian minister added that his country was ready to share its experience in the area of electricity generation acquired in the course of realizing relevant projects in 25 countries.