BAKU, Azerbaijan, April 25. Practical work has already begun based on the agreements signed between Azerbaijan and China, Executive Director of the Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev told Trend on the sidelines of the conference themed "Constitution and Sovereignty—Development of Entrepreneurship in Azerbaijan."
He noted that a few days before President of Azerbaijan Ilham Aliyev's state visit to China, an investment conference in the industrial sector was organized by the Ministry of Economy of Azerbaijan, the Trade Representative of Azerbaijan in China, AZPROMO, and the National Development and Reform Commission of China.
"During this conference, 13 documents were signed. Four of these documents were signed between institutions, while nine were practical agreements. These include memoranda and agreements in the fields of both light and heavy industry, such as cardboard production, machine engineering, tractor production, high technologies, laptop and computer production, and the expansion of aluminum production in Azerbaijan. The total value of these agreements is $335 million," he said.
According to the director, work has already begun in some areas under this cooperation.
"Specifically, almost three hectares of land have been allocated for cardboard production, and work on these projects has already started. In the near future, the investment and the process of creating the company will be completed. At the same time, the local company involved in tractor production has finished discussing the financial model with a Chinese company.
Practical steps have been taken towards the next phases. Practical steps have already started in each sector, and practical actions are expected in other areas as well. These are practical agreements that will contribute to bringing real Chinese investments to Azerbaijan. A number of projects have already been launched as part of the cooperation with China, and more will continue to be initiated," Abdullayev added.
AZPROMO was founded in 2003 by the Ministry of Economy of Azerbaijan to facilitate foreign investment in the non-oil industry and promote exports of non-oil products. The agency's primary objective is to enhance the nation's economy by soliciting international investment and fostering exports in the non-oil sector. To date, the agency has conducted 33 export trips to international destinations under the "Made in Azerbaijan" initiative.
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