The documents signed regarding the development of economic and trade relations between the two countries will contribute to the further expansion of economic partnership within the framework of the Azerbaijan-China Intergovernmental Trade and Economic Cooperation Commission.
As part of the state visit of the President of the Republic of Azerbaijan, Ilham Aliyev, to the People's Republic of China, a signing ceremony of Azerbaijan-China documents was held on April 23 with the participation of the heads of state of both countries.
As part of the event, a number of documents on expanding economic cooperation were signed by the Minister of Economy, Mikayil Jabbarov, and the heads of the relevant government agencies of China.
A Memorandum of Understanding on cooperation in the field of industry was signed between the Ministry of Economy of the Republic of Azerbaijan and the Ministry of Industry and Information Technology of the People's Republic of China. The implementation of the measures outlined in the document will enable the development of cooperation in the industrial sector, including in the areas of oil and gas, renewable energy, chemistry, metallurgy, mining, textile, automobile production, construction materials, pharmaceuticals, and food production. The Memorandum of Understanding also envisions strengthening cooperation in areas such as mitigating the impact of industrial development on climate change, waste management (or processing), digitalization of the industrial sector, and the application of Fourth Industrial Revolution technologies.
The Memorandum of Understanding on deepening bilateral cooperation on unimpeded trade between the Ministry of Economy of the Republic of Azerbaijan and the Ministry of Commerce of the People's Republic of China reflects the strengthening of exchanges and coordination between the industrial organizations of the two countries, the establishment of cooperation mechanisms, the implementation of matchmaking measures for suppliers and buyers, trade fairs, exhibitions, and other trade promotion activities.
A Memorandum of Understanding on strengthening investment cooperation in the digital economy was signed between the Ministry of Economy of the Republic of Azerbaijan and the Ministry of Commerce of the People's Republic of China. The document covers the identification of cooperation priorities in the digital economy, the development of new business formats and models, joint promotion of digital economy development, support for technological innovations, and the creation of a favorable ecosystem for digital investments in both countries.
The Memorandum of Understanding on strengthening cooperation in the field of the digital economy between the Ministry of Economy of the Republic of Azerbaijan and the National Data Administration of the People's Republic of China envisions support for cooperation between organizations and research institutes operating in the field of information and communication technologies, the participation of the Azerbaijani side in international exhibitions held in China, and other partnership matters.
Several more documents aimed at the development of economic relations between the two countries, including investment cooperation, were signed on April 17 within the framework of the China-Azerbaijan Industry and Investment Cooperation Promotion Conference held in Beijing. The event was jointly organized by the Export and Investment Promotion Agency – AZPROMO, the Trade Representative Office of Azerbaijan in China, and the National Development and Reform Commission (NDRC) of China, with the support of the Beijing Municipal Development and Reform Commission. The total volume of the signed investment projects amounts to approximately 335 million USD.
Within the framework of the conference, Memorandums of Understanding were signed between the Small and Medium Business Development Agency (SMBDA) and the International Cooperation Center of the National Development and Reform Commission of the People's Republic of China; between the Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) and the China Academy of Information and Communications Technology (CAICT); between 4SIM and the World Internet of Things Convention (WIOTC); and between AZPROMO and the International Cooperation Center of the National Development and Reform Commission of the People's Republic of China.
At the same time, AZPROMO signed Memorandums of Understanding with the following Chinese companies: Shenzhou Hasee for notebook production; Zhongjing United (Beijing) Trading Co., Ltd. for pipe manufacturing; Shandong Huafang Co., Ltd. for textile production; Changzhou Dongfeng Agricultural Machinery for tractor manufacturing; Wenzhou Vanhong for cardboard production; and Sino-Foreign for the implementation of investment projects.
A memorandum of understanding has been signed between the Agency for the Development of Economic Zones (ADEZ) and Wenzhou Vanhong of China for the implementation of a cardboard production project in the Sumgayit Chemical Industry Park. The project is currently in the financial and technical justification phase.
A memorandum of understanding has been signed between Improtex and Changzhou Dongfeng Agricultural Machinery for the implementation of a tractor production project. Additionally, a cooperation agreement has been signed between Azaraluminium LLC and China Machinery Engineering Corporation (CMEC) for the implementation of investment projects and financial support to be provided by Chinese financial institutions.
The implementation of the signed documents on the development of economic and trade relations between the two countries will contribute to further expanding economic partnership within the framework of the Azerbaijan-China Intergovernmental Trade-Economic Cooperation Commission. It is worth noting that the Commission's most recent meeting was held on April 16 in Baku.
