Shahin Mustafayev: Azerbaijan invested $ 1.7 billion in China

Minister of Economy of Azerbaijan, Co-Chairman of the Azerbaijani-Chinese Intergovernmental Commission on Trade and Economic Cooperation Shahin Mustafayev met with a delegation led by a member of the Foreign Policy Advisory Group of the Foreign Ministry of China, Zhou Xiaopei, Report informs citing the press service of the Ministry of Economy of Azerbaijan.

Minister of Economy Shahin Mustafayev noted at the meeting that Azerbaijan is China’s main trading partner in the South Caucasus.

In 2018, the trade between the two countries amounted to over $1.3 billion, representing 43% of China’s total trade with the South Caucasus countries.

It was noted that at present there is also a positive trend in the trade turnover between Azerbaijan and China. At the same time, there is a great potential for further expansion of trade relations, and Azerbaijan is taking consistent measures to use this potential.

Up to 120 companies with Chinese capital are registered in Azerbaijan. Over the past period, Azerbaijan has invested $ 1.7 billion in China, while China has invested more than $ 800 million in Azerbaijan. Chinese companies also participated in the projects implemented Azerbaijan at the expense of the state budget with the amount of $600 million.

Stressing the importance of cooperation in the financial sector, Minister of Economy Shahin Mustafayev noted that in 2016 Azerbaijan joined the Asian Infrastructure Investment Bank, the Bank allocated a $600-million loan for the TANAP project, and stressed the role of China in the implementation of the TANAP project.

Zhou Xiaopei, member of the Foreign Policy Advisory Group of the Foreign Ministry of China, informed about the consultative group and stressed that taking into account Azerbaijan’s strategic position in the region, the country was chosen as China’s main trading partner in the South Caucasus.