Transport agreement signed with China
By Leman Mammadova
Azerbaijan and China are successfully expanding scope of cooperation in the development of economic and trade relations.
There is a great potential for further expansion of trade relations between the countries and consistent measures are being taken to realize this potential.
Azerbaijan's trade and wine houses have been operating in Shanghai, Urumqi and Liuzhou cities to ensure export of Made in Azerbaijan products to China. In addition, the country is planning to open its trading house in the city of Xi'an.
Moreover, Azerbaijani export missions to several Chinese cities have been organized. Azerbaijan is actively participating in the international exhibitions in this country.
All these are important facts for the development of bilateral economic and trade relations.
Enjoying over $1 billion of trade turnover, the two countries intend to boost further economic potential.
Azerbaijan signed important trade and transport contracts with Chinese companies at the forum on trade and economic cooperation between the Chinese province of Xi'an and Azerbaijan that took place in Baku on July 5.
ADY Container, a subsidiary of Azerbaijan Railways, and the Chinese Xi'an Continental Bridge International Logistics Co., Ltd signed an agreement on container trains expedition along the Trans-Caspian International Transport Route (TITR) as part of the Belt and Road initiative.
Moreover, a cooperation agreement was signed between the Azerbaijani company Kat Holding and Xi'an Financial Holding. Azerbaijani company Mercury Group LLC and the Chinese trading company Chanba also signed a cooperation agreement.
About 150 entrepreneurs operating in agriculture, textiles, mechanical engineering, petrochemical, logistics, consulting, pharmaceuticals and other spheres attended the event.
Niyazi Safarov, Azerbaijani Deputy Minister of Economy; Van Chungan, Economic and Commercial Counsellor at the embassy of China in Azerbaijan; Gao Gao, Vice-mayor of Xi'an; and Tang Yugang, Deputy Director of Shaanxi Provincial Department of Commerce, stressed the importance of development of Azerbaijani-Chinese relations.
Azerbaijan is China's key trade partner in the South Caucasus region. The trade turnover between Azerbaijan and China increased by about 2 times and amounted to $1.3 billion last year. Over the first five months of this year, the trade amounted to $1.1 billion and went up by 2.6 percent compared to the same period last year. Azerbaijan’s investments in China’s economy reached $1.7 billion while China’s investment in Azerbaijan’s economy is $800 million.
Presently, about 120 companies with Chinese capital are operating in Azerbaijan.
The country is going to implement new projects together with the Chinese companies in view of the recently signed contracts worth $821 million covering many fields. The documents were signed the sidelines of the second Belt and Road International Forum in April this year.
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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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