China National Electrical Engineering Co., Ltd. (CNEEC) and the Azerbaijan Investment Company OJSC signed a memorandum of understanding, the Ministry of Economy of Azerbaijan said in a message on Oct. 25.
The memorandum was signed during a meeting of the Minister of Economy, Co-Chair of the Azerbaijan-China Intergovernmental Commission for Trade and Economic Cooperation Shahin Mustafayev with the Chinese National Electrical Engineering Co. Ltd.
Minister Mustafayev underlined the successful development of the Azerbaijani-Chinese relations and the importance of the political will of the presidents of Azerbaijan and China in the expansion of cooperation between the two countries. It was noted that the high level of political relations between the two countries positively contributed to the expansion of economic cooperation, investments and trade relations.
Azerbaijan supports China's "One Belt - One Road" strategy. It was stressed that the Memorandum of Understanding on the joint promotion of the "Silk Road Economic Belt", signed during the visit of the President of the Republic of Azerbaijan to China in 2015, encouraged development of transport and transit cooperation and the use of Trans-Caspian Transit Corridor by Chinese companies.The minister noted that trade turnover between Azerbaijan and China increased by 20 percent in 2017. In January-September this year, the trade turnover between the two countries amounted to $848.9 million.
Since 2017, Azerbaijan has a trade representative in China, which is important for boosting trade relations. About 50 percent of China's trade with the South Caucasus accounts for Azerbaijan. There are over 100 Chinese companies operating in trade, services, industry, construction and other spheres in Azerbaijan. CNEEC also has experience in Azerbaijan and has participated in various projects.
Vice President of CNEEC Zheng Chengjun expressed his satisfaction with the cooperation of the company with Azerbaijan and stressed that he took part in realization of several projects in Azerbaijan.
It was noted that during the visit to Azerbaijan, the Chinese delegation held a number of meetings on economic cooperation and visited the Sumgait Chemical Industry Park. Zheng Chengjun noted that CNEEC is interested in cooperation in production of car tires in Azerbaijan.
