Azerbaijanis learn Chinese experience in creation of special economic zones

The Minister of Economic Development Shahin Mustafayev has invited Chinese businessmen to take an active part in the projects implemented in various spheres of Azerbaijan economy, including construction of technology parks.

This information was provided to ICTnews by the Press Service of the Ministry of Economic Development of the Republic of Azerbaijan. According to the ministry, the Azerbaijani delegations, led by Shahin Mustafayev and consisting of official persons, has completed its visit to the People's Republic of China.

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, and 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 potential 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 have been registered in China so far. These companies have invested around $5 million in China. As part of the visit the Azerbaijani delegation went to the city of Shenjen and met with its vice-governor Zhang Ven.

During the meeting prospects of development of trade relations between Shenjen and Azerbaijan were discussed. At the meeting the Azerbaijani delegation was told that the first special economic zone in China was created in Shenjen city, which now has highly developed ICT, financial, banking and tourism infrastructures.