Finance

Finance

China invested more than $700 mln in Azerbaijanâ€™s economy during past 16 years - PHOTO

China invested more than $700 mln in Azerbaijanâ€™s economy during past 16 years - <font color=red>PHOTO</font>

18 June 2012 14:56 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The visit of delegation led by Azerbaijani Minister of Economic Development Shahin Mustafayev and consisting of officials and businessmen to China has finished.

According to Ministry, China-Azerbaijan business forum, several bilateral meetings were held in Beijing and Guangzhou and documents were signed within the visit. Near 300 businessmen engaging in bank, insurance, industry, construction, consulting, transport, pharmacology, textile, wine-growing and etc. spheres. Businessmen came to initial agreements and business circles interested in business forums.

SHahin Mustafayev spoke about successfully development of political and economic relations between China and Azerbaijan and noted that, legislation base between two countries, intergovernmental commission played an important role in cooperation. He said that, Chinese businessmen operated successfully in different spheres of Azerbaijanâ€™s economy: â€œo, 40 Chinese companies registered during 2004-2011. During 1995-2011, $ 102.5 mln was invested in non-oil sector of Azerbaijan, $598 mln â€“ in oil-gas sector. Total worth of projects implemented with the participation of Chinese companies made 417 mln Euros. 16 Azerbaijani companies registered in China and approximately $5 mln was invested in China by themâ€.â€

Besides, Azerbaijani delegation held several meetings. Successful development of relations between two countries was stressed at the meeting with Chen Deming, Minister of Commerce. Mustafayev informed about Azerbaijanâ€™s transit opportunities, especially importance of Baku-Tbilisi-Kars project and stressed that, industrial parks were established in the country and China had experience in this sphere and invited Chinese companies to participate in this project. At the same time, the issues on extension of cooperation in tourism and humanitarian spheres, especially education centre. At the end of the meeting, a memorandum on cooperation between Azerbaijani Ministry of Economic Development and China Commerce Ministry, protocol on establishment of Working Group on commercial-economic collaboration between Ministry of Economic Development and Xinjiang Uyghur Autonomous Region of China and memorandum of understanding on collaboration between AZPROMO and China-Europe Association for Technical and Economic Cooperation were signed.

The meeting between Azerbaijani delegation and Vice Minister of Commerce, co-chair of Azerbaijan-China intergovernmental trade-economic cooperation commission Zhong Shan focused on the existing economic relations and cooperation perspectives between the two countries.

At the meeting held with the Vice Minister at the International Department of the Central Committee of the Communist Party of China Ai Ping, it was noted that the cooperation in different spheres, political ties were at the high level, as well as economic cooperation developed day-by-day.

The meeting with vice-governor of Chinese Shenzhen city Jang Wen focused on development of trade relations between Azerbaijan and Shenzhen, as well as perspectives for enhancing of cooperation. It was noted that Shenzhen had mainly developed in ICT, finance-bank, culture and tourism spheres.

The meeting with vice-governor of Guangdong province Liu Jigeng discussed cooperation opportunities in economic-trade, investment, energy and tourism spheres. Azerbaijani Minister Shahin Mustafayev invited Chinese businessmen to invest in different spheres of economy.

Within the framework of the visit, Azerbaijani delegation met with Azerbaijani students studying in China.

Note that, Azerbaijani delegation includes Economic Development Minister Shahin Mustafayev, deputy foreign minister Khalaf Khalafov, minister of economic development of NAR Famil Seyidov, representatives of AzPromo, Azerbaijan Investment Company, Sumgait Chemical Industry Park LLC, as well as businessmen