Azernews.Az

By Amina Nazarli

The trade turnover between Azerbaijan and China increased by 56 percent in the first nine months of 2016, compared to the same period of 2015, said Shahin Mustafayev on November 11.

Azerbaijan’s Economy Minister Mustafayev, addressing a meeting with Chinese businessmen in Baku, spoke of a big potential for interaction of the two countries in the spheres of energy, transportation, transit freight traffic and investment.

The minister added that Azerbaijan is interested in further development of relations with China.

The trade turnover between the two countries reached $641.39 million in January-September 2016, $145.81 million of which accounted for export to China, according to Azerbaijan’s State Customs Committee.

China is one of the main trade partners of Azerbaijan – the country ranks the fifth in Azerbaijan’s trade turnover over the nine months of 2016, the third – in Azerbaijan’s import and the 12th – in export.

Wang Shihong, member of the management board at the China National Petroleum Corporation (CNPC), for his part, said that economic and political relations between Azerbaijan and China are at a high level.

Speaking about the activity of his company in Azerbaijan, Shihong recalled the signing of a memorandum of understanding between Azerbaijan’s state oil company SOCAR and CNPC and noted the importance of implementation of a project to create a chemical and oil refinery complex in Azerbaijan.

During the meeting, the sides also discussed the opportunities of expanding cooperation between the two countries’ entrepreneurs.

Rapidly expanding trade and nascent investment promise stronger links between China, the world’s second largest economy, and Azerbaijan, an energy rich country on the Caspian basin.

The two share a common interest in boosting the collaboration and partnership, as the rapid rise of China and Azerbaijan, and the growing integration between them, has a clear boost for regional projects.

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements were signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation (AZPROMO) has recently opened a representative office in China to support and encourage relations between the two countries’ businessmen, as well as expand Azerbaijani goods export to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

--

Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

Follow us on Twitter @AzerNewsAz