Expansion of investment relations between Azerbaijan and China in the field of industry and high technologies, development of economic and trade relations, possible joint cooperation on the Azerbaijani segment of the Middle Corridor and other issues were discussed.
The Azerbaijani delegation led by the Minister of Economy Mikayil Jabbarov held a number of meetings within the framework of the visit to the People's Republic of China (PRC).
It was brought to attention during the meeting of Minister of Economy Mikayil Jabbarov with Deputy Minister of Commerce of the People's Republic of China Ling Ji that, Azerbaijan actively cooperates with China within the framework of various international organizations, China is one of the main trading partners of our country, and cooperation relations between the two countries in the fields of trade, investment and transport-transit are constantly developing. The aim of the parties is to bring economic and trade relations to the same level as our political relations.
The Minister of Economy mentioned that Azerbaijan's active position in joining China's "One Belt and Road" Initiative has led to significant investments in the development of infrastructure, including the construction of commercial seaports, highways and airports. Taking advantage of the potential of the Middle Corridor, Azerbaijan is strengthening the transportation of goods between China and Europe. However, there is a need to optimize transport routes to expand trade links. Our countries' partnership within the framework of the Shanghai Cooperation Organization (SCO) also brings mutual benefits.
Nevertheless, there are great potentials and prospects for joint activities between SOCAR and companies operating in the Chinese energy sector, in addition to areas such as alternative and renewable energy, high technologies, digital economy, manufacturing and e-commerce between the two countries. At the same time, Chinese investors can take advantage of the transportation and logistics facilities of the Alat Free Economic Zone locating at the intersection of international corridors.
Views were also exchanged on the implementation of important agreements reached at the meeting held in Samarkand within the framework of the 22nd meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) and the development of trade-investment relations between Azerbaijan and China, measures serving to expand mutually beneficial cooperation were discussed at the meeting.
It was pointed out that the signing of the "Framework Agreement on strengthening production capacity and investment cooperation between the Ministry of Economy of the Republic of Azerbaijan and the National Development and Reform Commission of the People's Republic of China " will in turn make a positive contribution to the development of trade relations between the two countries, in addition to various sectors of the economy.
Deputy Minister Ling Ji pointed out that the successful activity of Chinese companies in Azerbaijan is a source of satisfaction, and Chinese companies are interested in deepening partnership by valuing Azerbaijan's business and investment environment.
The deputy minister noted that Azerbaijan's online trading house started operating on JD.com, a well-known platform of China's e-commerce landscape from the beginning of 2022. Representation of Azerbaijani products on this platform will be important in reaching and promoting Azerbaijani products to Chinese consumers.
The parties exchanged views on available opportunities for strengthening bilateral economic relations, expansion of cooperation in the field of investment and promotion of mutual activity within infrastructure projects.
The importance of expanding business dialogue with leading Chinese companies was noted in a meeting with the Vice Minister of the Ministry of Industry and Information Technology of the People's Republic of China, Xin Guobin and information was provided on favorable business and investment environment of Azerbaijan, opportunities created for investors, implemented and prospective projects in the field of alternative and renewable energy in our country.
Opinions were exchanged on the current state of investment relations between Azerbaijan and China in the field of industry, as well as potential measures that can be implemented to ensure the expansion of mutually beneficial cooperation in the mentioned field. It was emphasized that there is potential for the implementation of joint projects in areas such as shipbuilding, localization of renewable energy, including wind and solar energy production, construction of urban infrastructure, and work in this direction is being continued.
In addition, given the importance of modernization of industries and China's advanced experience in this field, there are ample opportunities for implementing joint projects and exchanging mutual experience in these fields.
Discussions were held at the meeting on the application of Fourth Industrial Revolution technologies, opportunities for cooperation in the field of digitization of the economy, and other potential projects.
The Minister of Economy also met with the Vice President of the Envision Energy, John Li during his visit to China. The expansion of relations with Chinese business circles was emphasized, and the business and investment environment of Azerbaijan, the opportunities created for investors were noted at the meeting. It has been pointed out that the application of the most advanced tools in the field of energy efficiency and the development of the alternative energy field are important issues in ensuring the sustainability of economic growth. There are wide opportunities in Azerbaijan for partnership in order to ensure the activities of enterprises specializing in this direction.
The parties discussed the implementation of new technologies in the field of alternative energy, the provision of appropriate equipment, and the establishment of cooperation for the purpose of creating a zero-emission industrial park.
Making a speech at the "Summit Forum on China's International Economic Cooperation - Going Global" organized within the CIFTIS exhibition in Beijing on September 4, Deputy Minister of Economy Sahib Mammadov informed about the economic success of our country. It was reported that despite the difficulties in the supply chains and other failures as a result of the global economic crisis, the economy of Azerbaijan has developed continuously. Real GDP in Azerbaijan increased by 4.6%, and non-oil GDP increased by an impressive 9.1% in 2022., more than 320 billion US dollars have been invested from 1995 to 2022 in our country, more than half of which are foreign investments.
It was noted that the Trans-Caspian International Transport Corridor connecting China and Europe was formed at the initiative of Azerbaijan with the commissioning of the Baku-Tbilisi-Kars railway in 2017.
The Deputy Minister said that the Middle Corridor is a large-scale transport project that reflects the economic interests of not only our countries, but also other states in the region. Azerbaijan is one of the main countries today contributing to the realization of the Middle Corridor. The mentioned route is about to become one of the important transport corridors connecting Asia and Europe. It was reported that important infrastructure projects such as the Baku-Tbilisi-Kars, which provides the shortest railway connection between Europe and China, Baku International Sea Trade Port, Alat Free Economic Zone, are of great importance for this global initiative and regional cooperation in general.
