OREANDA-NEWS. April 02, 2012. The 2nd meeting of the Azerbaijan-Lithuania intergovernmental commission on economic cooperation is taking place in Baku today.

At the meeting Commission’s co-chair and Minister for Taxes of Azerbaijan Fazil Mammadov informed that Azerbaijan has the potential and is ready to provide energy security for both Lithuania and other European countries.

"Rich oil and gas resources of Azerbaijan have a positive impact not only on the development of the country. Oil and gas fields of Azerbaijan enable to transport natural resources to other countries and develop international cooperation. We pay special attention to the issue of diversification and export of energy and are ready to work effectively with Lithuania and other European countries on issues of provision of Europe’s energy security," Mammadov said.

The Taxes Minister pointed out that according to the State Committee on Statistics, in 2011 trade turnover between Azerbaijan and Lithuania decreased and amounted to only USD 25 million, and this statistics is sad and does not reflect the real potential.

"We need to take appropriate measures to increase trade turnover, including the holding of business forum with participation of entrepreneurs," he added.

According to Mammadov, in spite of certain difficulties associated with the occupation of 20% of Azerbaijani lands by Armenia, the country continues developing, and the main priority of economic growth is to ensure diversification and reduce dependence on the energy sector.