Azerbaijan, China negotiate direct investment in non-oil sector

Azerbaijan and China are negotiating to attract direct investment in the non-oil sector, especially in high technology and innovation, alternative and renewable energy, First Deputy Minister of Economy Elnur Aliyev said at a conference on economic and trade cooperation between China and Azerbaijan.

Report quotes Aliyev as saying deepening investment partnerships with Chinese companies has contributed to the launch of new joint projects in such areas as industry, green energy, transport, agriculture, ICT and sericulture.

"As of May 1 this year, about 320 Chinese companies operate in Azerbaijan in the sectors of industry, agriculture, transport, construction, trade and services," he noted.

Aliyev said that Azerbaijan has high potential in the field of renewable energy sources and attaches great importance to projects in this area: "The technical potential of renewable energy sources in our country is 135 GW on land and 157 GW at sea. Recently, this area has occupied an important place in our investment partnership with China. The potential of solar and wind energy in our country, combined with China's experience in the field of green technologies, has created synergy and formed a favorable environment for the implementation of joint projects."