Genoa port has signed a Memorandum of Understanding (MoU) with Baku International Sea Trade Port of Azerbaijan.
It was signed during the Italy-Azerbaijan Business Forum held on Friday 21 February at the Farnesina and opened by the President of Azerbaijan, Ilham Aliyev, on an official visit to Italy, and by Italian Minister of Foreign Affairs, Luigi Di Maio.
The MoU will cover developing synergies in the field of traffic and integrated maritime and railway logistics services, activities of transfer of knowledge and good practices in areas such as ICT, staff training, policy development, and innovative docks aimed at environmental sustainability.
State-owned Baku Port is taking measures to become a regional transport and logistics hub in Eurasia. A new port is now under construction in Alyat. By the end of the first phase of construction, the cargo capacity of the new port will increase to about 10-11.5 million tons and 40,000-50,000 TEU.
The agreement is another sign of the emergence of Azerbaijan in Europe. The Italy-Azerbaijan Business Forum consolidates relations between the two countries with the signature of nine economic-commercial agreements, including two with leading Italian ports – Genoa and Trieste.
Azerbaijan has a key role in the Trans Adriatic Pipeline (TAP), the European leg of the Southern Gas Corridor, a complex value chain of energy projects that links natural gas supplies from the second development stage of the Shah Deniz field in Azerbaijan to Italy. This offers Italy an alternative natural gas supply and the opportunity to become a southern European energy hub.