Minister: Chinese firm invest $600 mln in Azerbaijan’s oil and gas sector

Business Materials 14 June 2012 18:14 (UTC +04:00)

Azerbaijan, Baku, June 14 / Trend A. Akhundov /

Chinese companies have invested $102.5 million in the non-oil sector
in Azerbaijan and $598 million in oil and gas in 1995-2011, Azerbaijani Economic Development Minister Shahin Mustafayev said at the Azerbaijani-Chinese business forum in Beijing, the ministry said on Thursday.

The minister said that the trade turnover between the two countries increased by 60 percent during the first four months of 2012.

"The sides have great potential to increase trade turnover," he said. "Today, Chinese businessmen are working successfully in various spheres of Azerbaijani economy. About 40 companies with the Chinese capital were registered in 2004-2011. Chinese companies invested $102.5 million in the non-oil sector of Azerbaijani economy in 1995-2011, oil and gas - $598 million. The cost of the projects implemented under the state order with the participation of Chinese companies is 417 million euro. About 16 companies with the Azerbaijani capital were registered in China. They invested $5 million in the country's economy."

The Minister invited Chinese entrepreneurs to actively participate in the projects in various sectors of the Azerbaijani economy, in particular the establishment of industrial parks.

A delegation of Azerbaijani officials and businessmen, headed by Mustafayev is on a visit to China from June 11. During the visit, the delegation held several meetings.

The development of cooperation in various sectors and great potential for its development were stressed during a meeting with Chinese Minister of Commerce Chen Deming on June 12.

The views on expanding economic trade relations were exchanged.

A memorandum of cooperation was signed following the meeting between the ministries. Moreover, a protocol was signed to establish a working group on trade and economic cooperation between the Ministry of Economic Development and the government of Xinjiang Uyghur Autonomous Region of China, as well as a memorandum of cooperation between the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the China-Europe Association for Technical and Economic Cooperation (CEATEC).

On the same day, the Azerbaijani-Chinese business forum was held in Beijing. It was organized by the Ministry of Economic Development, AZPROMO and CEATEC. The officials, more than 100 businessmen representing banking, insurance, industrial, agricultural and other sectors of both countries attended the forum.