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Saturday July 20 2024

AZPROMO discloses volume of China's investment in Azerbaijan

8 July 2024 12:38 (UTC+04:00)
AZPROMO discloses volume of China's investment in Azerbaijan
Nazrin Abdul
Nazrin Abdul
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Trade and economic relations between Azerbaijan and China are progressing robustly, capitalising on significant opportunities for enhanced cooperation in economic complementarity, industrialization, and investment. Both countries effectively utilise mechanisms designed to foster industrialization and investment collaboration.

Notably, in 2013, the People's Republic of China launched the "One Belt, One Road" initiative, a strategic economic development plan aimed at building infrastructure and strengthening Eurasian ties. This initiative comprises two primary components: the "Silk Road Economic Belt" and the "Maritime Silk Road." Azerbaijan emerged as the inaugural supporter of China's initiative in the Caucasus region, assuming a pivotal role as a logistics hub and facilitator in the execution of the "One Belt, One Road" strategy.

During January-May of this year, transit cargo transportation volume between Azerbaijan and China surged by 31.6% compared to the same period last year, reaching 178,000 tonnes.

Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency (AZPROMO), disclosed these figures at the "Shanghai Cooperation Organisation Demonstration Zone - Logistics and Trade Promotion Conference in Azerbaijan" in Baku.

Furthermore, Abdullayev noted a 93% increase in railway transportation between Azerbaijan and China during the first half of 2024.

He also highlighted the signing of the "Joint Declaration on the Establishment of a Strategic Partnership between Azerbaijan and China," emphasising its provisions for enhancing economic, trade, cultural, and tourism cooperation between both nations.

The adoption of the 'Joint Declaration on the Establishment of a Strategic Partnership between the Republic of Azerbaijan and the People's Republic of China' during the Astana SCO Summit on July 3 underscores mutual commitment to expanding cooperation in political, economic, and cultural spheres amidst complex global and regional developments.

Yusif Abdullayev further highlighted that from 1995 to 2023, China made direct investments totaling 930.8 million US dollars in Azerbaijan. Of this amount, 754.1 million US dollars were allocated to the oil and gas sector, while 176.7 million US dollars were directed to the non-oil and gas sectors.

He pointed out, "Currently, 245 Chinese companies are actively engaged across various sectors in Azerbaijan, including industry, agriculture, transport, construction, trade, and services."

"China stands as one of Azerbaijan's key trading partners," Abdullayev emphasised. "From January to May of this year alone, bilateral trade turnover increased by 26% compared to the same period last year, totaling 1.3 billion US dollars."

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