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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