Azernews.Az

By Sara Israfilbayova

Azerbaijan opened another trade representative office in Beijing on February 5, the Azerbaijani Economy Ministry reported.

The minister Shahin Mustafayev took part in the official opening ceremony, stressing that the economic ties between Azerbaijan and China are developing.

“China is one of the main trade partners of Azerbaijan. In the list of trade partners of Azerbaijan, China ranks 4th in total trade turnover, 8th in export and 3rd in import,” Mustafayev noted.

The minister went on to say that the two sides also successfully cooperate in the investment sphere, adding that three export delegations were sent to China in 2016-2017.

Azerbaijani products were presented at two exhibitions at the ‘Made in Azerbaijan’ stand, according to the minister.

This year Azerbaijan will take part in three more exhibitions in China: “Negotiations are currently underway to open the “Azerbaijan Wine House" in the International Trade Center in Shanghai, so the potential for the expansion of economic ties is high.”

Further Mustafayev met with Chinese Minister of Transport Li Xiaopeng in Beijing.

Addressing the event, the minister mentioned that Chinese companies may be involved into the activity in the Free Trade Zone (FTZ), being created on the territory of the new Baku International Sea Trade Port in Alat settlement.

Mustafayev stressed that Azerbaijan has become one of the first countries which supported “Silk Road Economic Belt” initiative.

“Azerbaijan is interested in supporting the Trans-Caspian Transport Route as an integral part of the “Belt and Road” initiative,” Mustafayev added.

He emphasized that an event on the “Belt and Road” initiative may be held in Azerbaijan, further adding that Chinese companies may be attracted to the activity in the FTZ in Alat settlement.

“Azerbaijan and China can cooperate in the construction and management of a container terminal in the Baku International Sea Trade Port,” the Economy minister explained.

In his turn, Xiaopeng said that China attaches great importance to the relations with Azerbaijan and expressed an opinion on the possible expansion of cooperation in various spheres of the economy, including the transport sector.

Within the framework of the visit, Mustafayev also met with Chinese Deputy Minister of Commerce Fu Ziying.

During the meeting, the Azerbaijani minister stressed the growth of trade turnover between the countries in 2017 and said that Azerbaijani companies intend to participate in a number of exhibitions in China, namely, Sial China 2018, China-Eurasia Expo and China International Import Expo.

“There is a good potential for export of agricultural and industrial products from Azerbaijan to China,” he added.

As part of the visit to Beijing, Mustafayev took part at an international conference, dedicated to the role of the Trans-Caspian East-West international trade and transport corridor in implementation of the One Belt and One Road Initiative.

As part of the conference, Azerbaijan Railways CJSC and the China Road and Bridge Corporation (CRBC) have signed a memorandum.

Gurbanov presented information on the transport projects being implemented in Azerbaijan, the efficiency of the route and the advantages of the Baku-Tbilisi-Kars railway.

He also held a meeting with Azerbaijani entrepreneurs to discuss issues of rail transportation.

The People’s Republic of China recognized the independence of Azerbaijan on December 27, 1991 and a year late the diplomatic relations were established.

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements were signed between the two countries so far. More than 100 companies with Chinese capital, participating in various projects, operate in Azerbaijan.

Trade and economic contacts occupy a significant place in bilateral relations between the parties. The process of interaction between the two countries was marked by constant tendencies of expansion and strengthening of cooperation. In recent years, particularly significant achievements have been achieved in this area of cooperation.

The trade turnover between the two countries increased by 43 percent and amounted to $1.2 billion in 2017.

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