(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 4. Azerbaijan and China discussed the expansion of investment ties in
the field of industry and high technologies, the development of
trade and economic relations, opportunities for cooperation within
the Azerbaijani segment of the Middle Corridor, and other issues,
Trend reports.
The delegation headed by the Minister of Economy of
Azerbaijan, Mikayil Jabbarov, held a number of meetings during the
visit to China.
During the talks with Chinese Deputy Commerce Minister
Ling Ji, the sides discussed how Azerbaijan actively cooperates
with China within the framework of variinternational
organizations. China is one of our main partners. Trade,
investment, transport, and transit cooperation are steadily
developing between the two countries. The aim of the parties is to
bring trade and economic relations to a political level.
The minister of economy said that Azerbaijan's active
position on joining China's 'One Belt, One Road' Initiative has led
to significant investments in infrastructure development, including
the construction of commercial ports, trunk roads, and airports.
Azerbaijan, using the potential of the Trans-Caspian International
Transport Route (Middle Corridor), contributes to the expansion of
cargo transportation between China and Europe.
At the same time, there is a need to deepen trade ties
to optimize transport routes. Partnership within the framework of
the Shanghai Cooperation Organization (SCO) also brings mutual
benefits. There is great potential and prospects for joint
activities in the fields of alternative and renewable energy
sources, high technologies, the digital economy, manufacturing, and
electronic commerce, as well as between SOCAR and Chinese companies
operating in the energy sector. Chinese investors can take
advantage of the transport and logistics opportunities of the Alat
Free Economic Zone, located at the intersection of international
corridors.
The sides also discussed the implementation of
significant agreements reached within the framework of the 22nd
meeting of the Heads of State Council in Samarkand and measures
to develop trade and investment ties and expand cooperation.
In addition, the signing of the "Framework Agreement
between the Ministry of Economy of the Republic of Azerbaijan and
the National Development and Reform Commission of China on
production facilities and strengthening investment cooperation"
will make a positive contribution to the expansion of ties in
varisectors of the economy, including in the field of
trade.
Deputy Minister Ling Ji expressed satisfaction with
the successful activities of Chinese companies in Azerbaijan. He
said that Chinese companies are interested in deepening the
partnership.
The Deputy Minister said that since the beginning of
2022, Azerbaijan Trade House has started working online on a
well-known e-commerce platform in China, JD.com. Azerbaijan's
presence on this platform will play a significant role in promoting
and increasing the recognition of Azerbaijani products among
Chinese consumers.
The sides discussed the possibilities of strengthening
current economic ties, expanding cooperation in the field of
investments, and encouraging mutual activity within the framework
of infrastructure projects.
At the meeting with Deputy Minister of Industry and
Informatization of China Sin Gobin, the importance of expanding
business dialogue with leading Chinese companies was highlighted,
and information was provided on the favorable business and
investment environment of Azerbaijan, the conditions created for
investors, and ongoing and promising projects in the field of
alternative and renewable energy. The current state of investment
relations and potential measures to expand mutually beneficial
cooperation were discussed. He said that there is potential for the
implementation of joint projects in the fields of shipbuilding,
renewable energy sources, including the localization of wind and
solar energy production, and the creation of urban
infrastructure.
In addition, there are great opportunities for the
implementation of joint projects and the exchange of experience in
these areas, given the importance of the modernization of
industrial sites and China's advanced experience in this area.
The meeting also discussed the possibilities of
cooperation in the fields of technology implementation of the
Fourth Industrial Revolution, digitalization of the economy, and
other potential projects.
During the visit to China, the minister of economy
also held a meeting with John Lee, vice president of Envision
Energy. The expansion of ties between business circles was
emphasized, as was the business and investment environment. The
conditions created for investors in Azerbaijan were noted. Among
the priority issues in ensuring sustainable economic growth are the
introduction of the most advanced tools in the field of energy
efficiency and the development of alternative energy. There are
great opportunities for expanding the partnership in order to
ensure the activities of specialized enterprises in Azerbaijan.
The parties discussed the possibilities of cooperation
in order to create an industrial park with zero emissions, the
introduction of new technologies in the field of energy, and the
supply of appropriate equipment.
Deputy Minister of Economy of Azerbaijan Sahib
Mammadov, speaking at the Summit Forum on China's International
Economic Cooperation: Going Global within the framework of the
China International Fair for Trade in Services (CIFTIS) in Beijing,
provided information about the country's economic success.
Despite problems with supply chains and other
difficulties caused by the global economic crisis, Azerbaijan's
economy continued to grow steadily. In 2022, the country's GDP grew
by 4.6 percent and non-oil GDP by 9.1 percent. From 1995 to 2022,
more than $320 billion was invested in the country's economy, most
of which came from foreign investments.
In general, by launching the Baku-Tbilisi-Kars railway
in 2017, the Trans-Caspian International Transport Route connecting
China and Europe was formed on the initiative of Azerbaijan. The
middle corridor is becoming more and more popular, and the volume
of cargo transportation along it is constantly growing.
The deputy minister said that the Middle Corridor is a
large-scale international transport project that meets the economic
interests of not only our countries but also other countries in the
region. Today, Azerbaijan is one of the main countries contributing
to the implementation of the Middle Corridor. This route turns into
an important corridor connecting Asia and Europe. Infrastructure
projects such as Baku-Tbilisi-Kars, which provides the shortest
railway connection between Europe and China, the Baku International
Commercial Sea Port, and the Alat Free Economic Zone are of great
importance for this global initiative and regional cooperation in
general.