BAKU, Azerbaijan, June 19. Economic relations between Azerbaijan and the United Kingdom hold strategic importance and are entering a new phase, said Elmar Mammadov, Head of the Department for Economic Cooperation at the Ministry of Foreign Affairs of Azerbaijan, Trend reports.
Speaking at a reception held to mark the official birthday of King Charles III, Mammadov remarked that Azerbaijan has turned a new leaf, stepping into a fresh chapter after regaining full control over its internationally recognized territories. He pointed out that this development paves the way for reeling in foreign investment and broadening the horizons of international cooperation.
“There is particular potential for mutually beneficial projects in the liberated economic regions of Karabakh and East Zangazur,” Mammadov emphasized.
He also highlighted the growing cooperation between the two countries in the field of renewable energy. As the MFA official noted, the investment decision by British energy company bp to build the "Shafag" solar power plant in the Jabrayil district is a significant step and signals the dawn of a new chapter in the energy alliance between Azerbaijan and the United Kingdom.
Mammadov recalled that a session of the Joint Intergovernmental Commission on economic and trade issues was held in London this April. According to him, the meeting demonstrated the high level of interaction between the countries and led to concrete steps to deepen bilateral ties.
As part of the session, a memorandum of understanding was signed between the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the United Kingdom’s trade finance agency, UK Export Finance (UKEF). The document aims to create new opportunities for expanding trade and investment relations.
“We are confident that the agreements reached will contribute to deepening the economic partnership and strengthening the friendly relations between Azerbaijan and the United Kingdom,” Mammadov concluded.
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