Azerbaijan-China Investment and Trade Forum held in Beijing

Prospects of strengthening the partnership between business circles and the implementation of joint initiatives in various fields were discussed at the forum.

The Azerbaijan-China Investment and Trade Forum organized by the Export and Investment Promotion Agency - AZPROMO, the Embassy and Trade Representative of Azerbaijan in the People's Republic of China, and the China International Economic Cooperation Association (CIECA) was held in Beijing with the support of the Ministry of Economy of Azerbaijan. The event was attended by entrepreneurs and representatives of state entities.

During the forum, the Minister of Economy, Mikail Jabbarov, stressed that the event is a platform symbolizing strong and sustainable ties, which has special significance in terms of economic growth, trade expansion, and opportunities for cooperation. The rise of Azerbaijan-China relations to the level of strategic partnership also opens wide opportunities for the development of trade and economic ties. The two countries have signed several agreements aimed at strengthening economic ties in the field of investment promotion and protection and the prevention of double taxation, as well as signed documents on technical and economic cooperation. China is one of the main trade partners of Azerbaijan. There is effective investment cooperation between our countries. 275 companies with Chinese investments have been registered in Azerbaijan. In addition, Chinese companies have applied for participation in infrastructure projects implemented in the liberated territories of Azerbaijan, while the Huawei Company is already participating in the regional "smart village" and "smart city" projects.

Close cooperation with China is also established at the level of global initiatives in the field of transportation and logistics. Azerbaijan has made significant investments in the development of the Middle Corridor infrastructure, which is an important part of the 'One Belt, One Road' project implemented by China.

The Minister of Economy also provided information on economic reforms and economic growth in Azerbaijan. It was noted that over the years Azerbaijan has successfully shifted from a resource-dependent economy to an economy developing through innovation, entrepreneurship, and knowledge-based science-intensive industry. Azerbaijan's real GDP increased by 4.6% last year. The application of tax incentives, preferential lending, the operation of a favorable investment climate supported by government initiatives, and the expansion of public-private partnerships in our country were highlighted. Information was provided on the favorable conditions created in our liberated territories, which include tax incentives, preferential social insurance, improved investment promotion mechanisms, and utility incentives, as well as the determination of labor migration quotas and the simplification of work procedures. Chinese companies were invited to actively participate in the projects being implemented in these territories. Emphasizing that there are good prospects for expanding the partnership between the business communities of our countries, CIECA President Gao Yuanyuan outlined the ongoing developments in various areas of cooperation. 

Xu Yuanjie, Deputy Director of the Department of Foreign Investment and Economic Cooperation of the Ministry of Commerce of China, Li Gang, Deputy Secretary of the China Labor Commission, Lin Xiaodan, Senior Vice President of China Energy International Group Co. Ltd., and representatives of other Chinese institutions expressed their views on the expansion of trade and economic ties with Azerbaijan, mutual recognition and implementation of our countries' investment opportunities, opportunities for cooperation with Azerbaijan in the field of "green" energy, and other issues related to the country's energy sector.

During the event, AZPROMO head Yusif Abdullayev, Chairman of the Board of the Agency for Development of Economic Zones Elshad Nuriyev, and Executive Director of Azerbaijan Investment Company OJSC Ulvi Mansurov talked about measures taken to attract foreign investments and favorable investment environment created for investors