Azerbaijan, China Discuss Expansion Of Investment Ties (Photo)


(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.

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Trend News Agency

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