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Azerbaijani-Chinese Free Economic Industrial Town to be Established in Baku

An Azerbaijani-Chinese free economic industrial town is planned to be established in Alat.

Azerbaijani Economy Minister Shahin Mustafayev made the remarks at a meeting with Chairman of the Board of the China Export & Credit Insurance Corporation (SINOSURE) Wang Yi on May 22.

The minister noted that the implementation of projects in the fields of metallurgy, agriculture, and petrochemistry, designed for joint implementation by the companies of Azerbaijan and China, will have an important place in the development of economic relations between the two countries.

“Currently, there is a trade representation of Azerbaijan in Beijing, and it is planned to open a Trade House of Azerbaijan in Shanghai and wine houses in Beijing and Shanghai. All this will contribute to the further expansion of trade relations,” Mustafayev said to Azernews.

Chairman of the Board of the Corporation Wang Yi, in turn, informed about SINOSURE’s activities and stressed that the corporation is interested in insurance of projects implemented in Azerbaijan, adding the corporation cooperates with more than 250 banks in the world.

At the meeting it was also noted that SINOSURE Corporation is interested in expanding ties with the relevant structures of Azerbaijan, and the possibility of establishing ties in this area was discussed.

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements were signed between the two countries so far.

In the first quarter of 2016, the Chinese government invested $419 million in various spheres of Azerbaijan. The cost of contracts signed between the two countries amounted to $227 million. Azerbaijan invested in 59 projects implemented in China and the total amount of these investments amounted to $7.8 million.

Trade and economic contacts occupy a significant place in bilateral relations between China and Azerbaijan. The process of interaction between the two countries was marked by constant tendencies of expansion and strengthening of cooperation. In recent years, particularly significant achievements have been achieved in this area of cooperation.

The trade turnover between Azerbaijan and China amounted to $1.3 billion in 2017.