Trade turnover btw China, Azerbaijan is expected to increase by 40 percent

Economic relations between Azerbaijan and China are gradually deepening, and Azerbaijan Economy Minister Mikayil Jabbarov’s working visit to China which continued from September 1 to September 4 plays an important role in further developing economic relations between the two countries.

China sees Azerbaijan as an important regional trade partner and a significant link in its “One Belt, One Road” project. Speaking to Azernews on the issue, Sinomach Holding Eurasian Region Commercial Director Kenan Guluzade pointed out that the invitation of Azerbaijani President Ilham Aliyev to the “One Road, One Belt” international forum held in China in 2019 foreshadows the importance of Azerbaijan in the project. He underlines that Ilham Aliyev was the only president who was invited to the forum from the region.

“The working visit of Azerbaijani economy minister Mikayil Jabbarov to China is a clear indicator of the basis for the development of economic relations between Azerbaijan and China. The investment of Chinese companies in Azerbaijan and the development of trade relations have been accelerated. China sees Azerbaijan as a leading country in the region, which is confirmed once again by the fact that only Azerbaijani President Ilham Aliyev was invited from the South Caucasus countries to the “One Belt, One Road” forum organized in Beijing in 2019 and attended by world leaders. Azerbaijan is an important point on China’s logistics route to the West. At the initiative of Azerbaijani President Ilham Aliyev, the Trans-Caspian logistics line is on the focus of Chinese exporters,” Kenan Guluzade noted.

Drawing attention to the importance demonstrated by Chinese officials to the visit, Kenan Guluzade told that the visit will play an impetus tole for the development of investment, trade, and logistics cooperation between the two countries. He added that the investment interests of Chinese companies in Azerbaijan will increase.

“The working visit to China led by Mikayil Jabbarov and the importance given by the Chinese State to this visit will develop new investment, trade, and logistics cooperation prospects in the relations between the two countries. This visit will create a new ground for mutual cooperation projects of the Azerbaijani delegation with the Chinese state at the “One Belt, One Road” forum, which will be organized for the 3rd time in Beijing in a month. In particular, the investment interests of “Sinomach” and “Energy China” companies in Azerbaijan will stimulate the development of political relations between the two countries,” Guluzade said.

Touching on Azerbaijani trade houses performing in China and the inauguration of a new one in Beijing, he said that the trade houses enable Azerbaijani exporters to bring their products to the Chinese market. Kenan Guluzade also spoke about the trade turnover between the two countries and said the volume will increase thanks to the initiative of Azerbaijani officials working in Azerbaijan’s embassy in China.

“Azerbaijan’s trading houses opened in various Chinese cities in recent years have increased Azerbaijan’s export opportunities to China. It has expanded the sale of various food and other products produced in Azerbaijan. In 2022, the trade turnover between the two countries was 2.159 billion US dollars. This year, this trade turnover is predicted to increase by 40%. We should especially emphasize the efforts of the Trade Representative of Azerbaijan in the People’s Republic of China, led by Teymur Nadiroglu, in the growth of exports from Azerbaijan to China. In particular, I think that Azerbaijan’s newly appointed Ambassador Extraordinary and Plenipotentiary Bunyad Huseynov will make a special contribution to this development,” the expert added.