BAKU, Azerbaijan, January 28. Turbo-charging bilateral trade and investment and creating the best environment for international business is one of my strategic priorities in cooperation with Azerbaijan, Fergus Auld, UK Ambassador to Azerbaijan, told Trend.
"It is good to see that trade turnover between the UK and Azerbaijan has increased in the first half of 2022 compared to the first half of 2021. The main export commodities from the UK to Azerbaijan were capital and intermediate goods, such as power generators and industrial machinery, cars and jewellery. The main import commodities from Azerbaijan to the UK were crude oil and intermediate goods, such as mechanical power generators and specialized machinery," he said.
According to the ambassador, the UK welcomes Azerbaijan's efforts to increase energy supplies to Europe during these difficult times.
"The UK has a strong relationship with Azerbaijan, particularly in the energy sector, and we are proud of the transformative role that BP and other British companies have played in Azerbaijan's prosperity," he noted.
As Auld pointed out, the UK will work closely with the Government of Azerbaijan, the British Chamber of Commerce and British companies to create opportunities to improve trade with Azerbaijan, as well as better business environment.
The total trade turnover between Azerbaijan and the UK in 2022 totaled $1.03 billion, which is an increase of 55.1 percent, compared to $667.8 million in 2021. Thus, the UK ranked 10th among the main trading partners of Azerbaijan over the last year (11th in 2021).
At the same time, the UK's oil imports from Azerbaijan in 2022, amounting to $752.5 million, increased by 104.1 percent, compared to 2021 ($368.6 million). The UK has jumped up 3 positions and ranked seventh among main crude importers from Azerbaijan.