BAKU, Azerbaijan, February 16. Azerbaijan is becoming a promising center for international trade and investment, thanks to free trade agreements and excellent transport links compared to its regional neighbors, Trend reports citing an article in The Daily Telegraph, national British daily broadsheet newspaper.
According to the article, Azerbaijan goes beyond oil and gas to create opportunities for British business in green energy, technology, cybersecurity and healthcare.
"With 450 UK companies already present in the market (including bp for the past three decades) the UK is the country’s largest foreign investor. But the potential for growth is evident," the authors of the article noted.
As the article pointed out, oil and gas exports still account for about 50 percent of the country's GDP, however, Azerbaijan is rapidly developing its non-oil sector, and, moreover, the government has committed to financing projects in renewable energy with the goal of reaching 1,500 MW of renewables by 2030, providing 30 percent in the total energy generation.
"Outside of energy, Azerbaijan is enjoying flourishing growth in other developed sectors. IT and communications has been a local success story during the pandemic, reporting 15.5 per cent growth through the first three quarters of 2022 compared with the equivalent period in 2021. Cyber security and infrastructure also offer strong opportunities for UK businesses," the article noted.
The authors remarked that the UK specialists can be of great use for Azerbaijani medical sector with their experience in services and technology.