Minister of Economic Development calls on Chinese businessmen to take part in construction of industrial parks in Azerbaijan

The Minister of Economic Development Shahin Mustafayev called on Chinese businessmen to take an active part in the project implemented in different spheres of Azerbaijan economy. This information was provided to ICTnews by the press-service of the Ministry of Economic Development of the Republic of Azerbaijan. According to this information, the Azerbaijani delegation, led by Sh. Mustafayev and consisting of official persons and businessmen, has been visiting the People’s Republic of China since June 11, 2012.

In the framework of the visit the Azerbaijani delegation held a number of meetings. As a result of the meetings, the Memorandum on Cooperation was signed between the Ministry of Economic Development and the Chinese Ministry of Commerce, the Protocol on creating the Working Group for trade and economic cooperation was signed between the Ministry of Economic Development and the Government of Sinchan-Uygur Autonomous Region of China, the Memorandum of Understanding was signed between AZPROMO and the Association for Technical and Economic Cooperation between China and Europe.

While speaking about the importance of trade relations for the development of bilateral cooperation, Sh.Mustafayev noted that during 4 months of the current year the trade turnover between Azerbaijan and China increased by 60%. He said that both countries possess huge potentials to further increase the trade turnover. Today, Chinese businessmen successfully conduct their activities in various spheres of Azerbaijan economy.

40 companies with Chinese capital were registered in Azerbaijan between 2004-2011. In the period from 1995 to 2011, Chinese companies invested $102.5 million and $598 million in the non-oil sector and the oil-gas sector respectively. The total value of state projects implemented with participation of Chinese companies constitutes 417 million Eurodollars. 16 companies with Azerbaijani capital has been registered in China so far.

These companies have invested around $5 million in China. Let’s note that in the course of the visit, which will last till June 16, 2012, the Azerbaijani delegation will hold a number of bilateral meetings. On June 15, 2012 it will take part in the China-Azerbaijan business forum in Guanchjou. The Azerbaijani delegation will also get aquatinted with operation of industrial parks in China.