UK invests $ 31 billion in Azerbaijan

"In 2019, the trade turnover between Azerbaijan and the United Kingdom increased by 34% to $ 704.6 million," Parviz Shahbazov, the local co-chair and Minister of Energy, said at the 4th meeting of the Azerbaijani-British Intergovernmental Commission on Economic Cooperation in Baku.

According to him, though this figure decreased by 35% in 2020 due to the negative effects of the pandemic, it started to increase again in 2021: "In particular, in the first quarter of this year, the trade turnover between the two countries increased 2.5 times to $ 162.2 million."

The Minister said that 30 years of successful cooperation between Azerbaijan and the United Kingdom in the oil and gas sector had entered a new stage of development in accordance with the new challenges of the global energy sector:

"Of the $ 30.6 billion invested by the UK in Azerbaijan's economy so far, $ 28.8 billion has been invested in the energy sector. The implementation of the National Priority "Clean Environment and Green Growth Country" approved by the relevant decree of President Ilham Aliyev in the next decade, the strategic decision to promote the development of renewable energy and green technologies, and the solution of its tasks open new opportunities for diversification of energy cooperation. Our cooperation on the decarbonization of integrated energy and transport systems, renewable energy, energy efficiency, transition to a liberal energy market, and power grids will contribute not only to the relations between the two countries but also to the energy transition process."