Saturday, 31 July 2021 05:44 GMT

Azerbaijan invites China to benefit from country's favorable business climate

(MENAFN - AzerNews) By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has invited Chinese companies to take advantage of Azerbaijan’s favorable business environment and industrial parks.

Meeting with Chinese Ambassador Guo Min this week, the minister underlined that Azerbaijan attaches great importance to relations with China and is interested in expanding cooperation in all spheres.

He noted that the political will of the heads of states, visits and summit meetings create a favorable environment for the development of partnership. In addition, Azerbaijan was one of the first countries to support China's "One Belt, One Road" initiative.

Moreover, the minister stated that the Azerbaijan-China intergovernmental commission on trade and economic cooperation is a favorable platform to expand relations between the two countries.

It was noted that Azerbaijan has a trade mission in China, three trade houses, three wine houses, three trade branches in trade networks and measures are continuously taken to develop cooperation. In addition, there are companies with Chinese capital operating in Azerbaijan and successful investment cooperation is underway. Meanwhile, negotiations are underway with China on a number of industrial projects.

Furthermore, during the meeting, information was provided on the restoration work being carried out in Azerbaijan’s liberated territories, and the possibilities for the participation of Chinese companies in the restoration work were highlighted.

Noting Azerbaijani economy priorities, steady growth of the non-oil sector, and prospects for strengthening partnership in trade, investment, transport and transit, Jabbarov called on Chinese companies to take advantage of the country’s favorable business environment.

The parties discussed Azerbaijan's favorable transport and transit potential and the importance of the Trans-Caspian International Transport Corridor and the Zangezur Corridor.

The ambassador shared his views on the development of economic ties between the two countries and expressed confidence that the Zangezur corridor will contribute to China's "One Belt, One Road" transport project.

Additionally, the ambassador invited the Azerbaijani economy minister to the next China International Import Exhibition to be held in China.

It should be noted that Azerbaijan has participated in a number of international exhibitions such as the 31st International Trade and Economic Exhibition, China Food and Drinks Fair and TAOWINE Hotel Show exhibition held in China this year.

The trade turnover between Azerbaijan and China amounted to $1.8 billion in 2020. In addition, the trade turnover between the two countries amounted to $677.9 million in January-May 2021.


Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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