Azernews.Az

By Aynur Jafarova

Azerbaijan is a country with which Britain has strong and deep links, newly appointed Ambassador of the United Kingdom (UK) to Azerbaijan Irfan Siddiq said in a video message posted on the facebook page of the embassy.

He noted that Azerbaijan is an important and dynamic country.

The ambassador also expressed satisfaction for living and working in Azerbaijan.

"I'm keen to further develop these links and take the relationship to a new level. This means intensifying our political relationship on key geo-political issues, expanding our already excellent co-operation on trade and commercial issues, deepening our co-operation on energy issues, facilitating more people to people links in areas such as education, tourism and culture and having an open discussion on issues of democracy and human rights," Siddiq said.

He added that Great Britain and Azerbaijan have shared interests and values in many spheres.

"I hope that I will get pleasure living and working in Azerbaijan, of getting to know the people, studying the rich culture and history of Azerbaijan," he said.

The UK recognized Azerbaijan's independence in December, 1991. Diplomatic relations between the two countries were established in March, 1992.

Since 1992 Azerbaijan and the UK benefit from close bilateral partnership and cooperation in the framework of international organizations such as the United Nations, OSCE, Council of Europe, NATO, etc. The relations have covered a wide range of issues -- from high-level political dialogue to growing trade and investment links, as well as strengthening cultural and humanitarian ties.

The economic cooperation between the two countries, especially in the energy sector, is at the core of the relations between Azerbaijan and the UK. The UK is the largest foreign direct investor in to Azerbaijan, followed by the U.S. and Japan.

In 2011 the UK was the 15th largest trade partner of Azerbaijan with the trade turnover of more than $501 million. The UK still remains the largest foreign investor in Azerbaijan with about 300 British companies operating in the country, including GBI International, the British Bank of the Middle East and Sedgwick.

BP, RAMCO and Monument Oil and Gas are the largest investing companies. There are over 5,000 British expatriates working in Azerbaijan, mainly in and around the capital Baku.

Azerbaijan cooperates with the UK in exploration and transportation of oil and natural gas from the Azerbaijani sector of the Caspian Sea. BP as a leading oil company has been active in Azerbaijan since 1992 and participates in the main production sharing agreements such as the "Contract of the Century" (Azeri-Chirag-Guneshli), the agreement signed in 1994 with major oil companies of the world to tap the country's resource-rich energy fields, and the major Shah Deniz gas project.

According to the Azerbaijan's State Statistical Committee, in 2012 the British investments accounted for 51.7 percent of all foreign investment (about 1.7 billion manats).

The Britain - Azerbaijan Business Council was established in September 2009 with the aim to expand business cooperation between the two countries and deepen their trade and investment ties.