China Market Looks Promising For Azerbaijan To Develop In Renewables

(MENAFN- AzerNews)
China Market Looks Promising For Azerbaijan To Develop In Renewables Image
Qabil Ashirov Read more

Economic relations between China and Azerbaijan are deepeningday by day. The trade turnover between the two countries hasincreased recently, and China has risen to the first ranks inAzerbaijan's imports. The Chinese market is lucrative forAzerbaijan, especially with regard to agriculture products. That iswhy, Azerbaijan is interested in this market and has opened fivetrading houses in the different cities of China.

Besides, Chinese companies operate in Azerbaijan, especially inthe liberated territories. Furthermore, China and Azerbaijanstarted to cooperate in the production of renewable energy sector, China has committed to the construction of 230 MW powerplants in Garabagh. The relationships are based on a long-termperspective.

Speaking to Azernews economist Natig Jafarlynoted that China ranks at the top three in the list of importedproducts of Azerbaijan for the last 10 years. He recalled that inthe first three months of this year, 20 percent of Azerbaijan'simported products came from China. In other words, quite seriouseconomic relations with China have been established for a longtime, and these relations are deepening.

“Since the beginning of 2024, Azerbaijani state representativeshave been visiting China, and there are negotiations and certainagreements with China regarding the establishment of relations andthe implementation of new projects. Of course, the prospects forexpanding relations in this field are extremely high. One of thedirections that China will set an example for Azerbaijan's economyis to pay more attention to production,” Natig Jafarly said.

He added that as is known, China is a manufacturing country. TheEconomist emphasized that considering this point of view, it ispossible to achieve quite successful results if Azerbaijancooperates with China on the implementation of certain new projectsin order to increase production and create added value. As forgreen energy, Natig Jafarly said that China is currently the worldleader in the production of green energy and equipment.

“For example, the European Union recently realized that 90percent of the solar panels used in Europe come from China. Thisindicates that China is becoming a world leader in the transitionto green energy or renewable energy. It also took the first placein the world in the production of electric cars. In other words,considering this point of view, China has serious successes, andthese successes are based on a serious strategy of investing in theeconomy with the support of the state. Not long ago, while thetransition to green energy was being discussed around the world,China did real work in this field, proving that the transition togreen energy is a reality. Even today, China is reaping thebenefits of this strategy. Of course, Azerbaijan and China canseriously cooperate in this field as well. Because Azerbaijan has agreat potential. Basically, the potential of Azerbaijan inacquiring solar energy is extremely high. Natural conditions allowit. There are areas of Azerbaijan where 260-270 days of the yearare completely sunny. This also creates opportunities to widely usethe potential of solar energy,” Natig Jafarly concluded.



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