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Minister: UK Azerbaijan’s largest investor

25 May 2021 11:26 (UTC+04:00)
Minister: UK Azerbaijan’s largest investor

By Ayya Lmahamad

The UK is the biggest investor in Azerbaijan, the country’s Economy Minister Mikayil Jabbarov said during the meeting with UK’s Minister for Exports Graham Stuart.

Noting the expansion of Azerbaijani-British relations, Jabbarov stressed the successful development of cooperation in various spheres of the economy, adding that the two countries are successfully cooperating in the field of trade and investments.

Moreover, it was noted that the fourth meeting of the intergovernmental commission on economic cooperation between Azerbaijan and the UK is an important platform for the development of bilateral relations.

During the meeting, Jabbarov briefed the UK’s minister on the reforms being carried out in Azerbaijan, the national priorities of the country’s socio-economic development of Azerbaijan until 2030, and the measures taken to develop the steadily growing competitive economy.

The minister also informed the participants of the digital ecosystem, increasing the role of small and medium-sized businesses in the economy and the measures taken to strengthen the transport and transit potential.

Furthermore, Jabbarov stressed the great potential for expanding ties with the UK in various spheres of the economy, including the “green economy” and renewable energy sources.

Likewise, the parties discussed the work planned and carried out in Azerbaijan’s liberated territories.

In turn, UK’s export minister emphasized the interest of the British companies in participation in this work.

The parties also discussed the issues of mutual interest in various spheres of the economy.

It should be noted that the trade turnover between the two countries amounted to $182.9 in January-April 2021. Of the total turnover, Azerbaijani products export to the UK amounted to $87.2 million while import to $95.7 million. The trade turnover between Azerbaijan and the UK resulted in $454.4 million in 2020.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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