Azerbaijan, China sign memo

By Sara Israfilbayova

Azerbaijan Export and Investment Promotion Foundation (AZPROMO) has signed a Memorandum of Understanding (MoU) with China Council for the Promotion of International Trade (CCPIT).

The document provides for the development of trade, economic and investment relations between the two countries, as well as promotion of export and exchange of experience, Azertac reported.

AZPROMO chief Rufat Mammadov, addressing the signing ceremony emphasized the potential for exporting local products to China and cooperating in the spheres of investments, transit and logistics.

He went on to say that China is one of the main trade partners of Azerbaijan, further adding that Azerbaijan`s export mission dispatched to China last November.

AZPROMO earlier opened a representative office in China to support and encourage relations between the two countries’ businessmen, as well as expand Azerbaijani goods export to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements were signed between the two countries so far.

In the first quarter of 2016, the Chinese government invested $419 million in various spheres of Azerbaijan. The cost of contracts signed between the two countries amounted to $227 million. Azerbaijan invested in 59 projects implemented in China and the total amount of these investments amounted to $7.8 million.

Trade and economic contacts occupy a significant place in bilateral relations between China and Azerbaijan. 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 Azerbaijan and China amounted to $1 billion.