By Rashid Shirinov

China supports the possibility of creating joint ventures with Azerbaijan in third countries, Chinese Ambassador to Azerbaijan Wei Jinghua told Trend on August 13.

He noted that in 2015, Chinese government initiated a new model of “international cooperation in the market of third countries” that effectively connects China’s manufacturing capacity, advanced technologies of developed countries and the needs of developing countries.

“This cooperation model has received positive responses in the international arena over the past 2 years,” the ambassador said.

Jinghua further mentioned that business cooperation between China and Azerbaijan is mutually beneficial and has great potential, and that despite the slowdown in the global economy, the volume of trade between the two countries reached a record level last year.

“In the first half of the year, China became one of the seven major trade partners of Azerbaijan. Cooperation between the countries particularly in areas, such as transport, communications, agriculture, construction materials production, engineering and light industry is expanding,” he said.

China recognized the independence of Azerbaijan on December 27, 1991 and a year late the diplomatic relations were established. Data of Azerbaijan State Customs Committee says that the trade turnover between the two countries totalled $616,402 million in the first half of 2018.

More than 50 agreements have been signed between Azerbaijan and China so far, while over 20 Chinese enterprises operate in Azerbaijan in oil and gas, construction, aviation, logistics and other fields. Moreover, the two countries have great potential in energy, transport, high technology, military and tourism spheres.

China is a huge opportunity and a priority market for Azerbaijan. In May 2016, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) opened a representative office in China to support and encourage relations between the two countries’ businessmen, as well as to promote the export of Azerbaijani goods to the Chinese market and attract China’s leading investment funds to the Azerbaijani economy.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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