Azernews.Az

By Sara Israfilbayova

A scientific and practical conference on "Azerbaijan-China Economic Relations" was held at the Azerbaijan National Academy of Sciences (ANAS) on September 21.

The event was jointly organized by the Institute of Economics of ANAS jointly with the Institute of Economy of the Chinese Academy of Social Sciences.

President of ANAS, academician Akif Alizadeh, delivering an opening speech at the event, stressed that relations between the countries are expanding.

He noted that in 1993 the volume of trade turnover between the countries amounted to only $1.5 million, while in 2016 this figure equaled to $770 million.

Touching upon the humanitarian ties between Azerbaijan and China, Alizadeh brought to the attention that the Days of Culture are being held in the countries periodically.

He went on to say that ties between academic circles of the two countries are also deepening.

President of the Chinese Academy of Social Sciences Wang Weiguang, in turn, mentioned that at present the stage of rapid development of the Azerbaijani-Chinese cooperation has begun.

Speaking about the importance of the Chinese initiative "One belt - One Way", he informed about the funds allocated for this initiative.

The One Belt, One Road initiative is aimed at improving existing and creating new trade routes, as well as transport and economic corridors, linking more than 60 countries of Central Asia, Europe and Africa, which will contribute to the development of their trade relations with China.

He stressed that the favorable geographical location of Azerbaijan, which is the heart of the Eurasian continent, turns this country into a strategic partner of China.

Chinese Ambassador to Azerbaijan Wei Jinghua, in turn, emphasized that relations between the countries are based on the principles of friendship and partnership.

Trade and economic contacts occupy a significant place in bilateral relations between China and Azerbaijan. The process of interaction between the two countries was marked by constant tendencies of expansion and strengthening of cooperation. To date, more than 50 agreements were signed between the two countries.

Overall, trade turnover between China and Azerbaijan has grown 800-fold over the past two decades. Initially, bilateral trade amounted to only $1.5 million, while in 2004, it jumped to $200 million, and $368 million in 2006. By 2013, the trade turnover reached around $1.5 billion.

Today, China takes the 4th place in the overall trade turnover of Azerbaijan, 3rd place - in exports and imports.

The trade turnover between Azerbaijan and China amounted to $964.68 million in January-August 2017, which is an increase by 78.8 percent as compared to the same period of 2016, according to the State Customs Committee of Azerbaijan.

---

Follow us on Twitter @AzerNewsAz