TODAY.AZ / Business

Azerbaijani banks can foster better ties with UK

28 March 2015 [11:02] - TODAY.AZ
British MP has said Azerbaijan's banking sector can contribute in the development of trade and economic relations with the United Kingdom.

Tom Chandos, a member of the British House of Lords and founder of the "Thomson Foundation" told Trend on March 27 that Azerbaijan and the United Kingdom have a great potential for expanding trade and economic ties.

“Azerbaijan should not consider opening a branch of a foreign bank in the country as an aid in the development of its economy. On the contrary, the Azerbaijani banks themselves should be initiated to stimulate trade with Britain,” he said.

Chandos noted that the UK has extensive experience in the field of oil production, which Azerbaijan can learn from in the development of this sphere.

He also added that media representatives can play an important role in the development and strengthening of economic and trade spheres of Azerbaijan and the UK.

In recent years, Azerbaijan has been actively developing economic ties with Britain. An intergovernmental commission on economic and trade cooperation between the two countries will be established in the near future. In addition, Azerbaijan intends to use the UK experience in the process of privatization of state enterprises of communication.

Azerbaijan and the United Kingdom cooperate in various fields, including energy, trade and investment. Currently there are 543 companies with British capital in Azerbaijan, as well as the UK has invested$ 20 billion in Azerbaijan's economy.

Azerbaijan’s State Customs Committee data showed that the trade turnover between Azerbaijan and Great Britain on the results of January-February 2015 amounted to 45.48 million dollars. At the same time during this period Azerbaijan imported goods by 44.4 million dollars, and exported - 1.05 million dollars.

The UK recognized Azerbaijan's independence in December, 1991. Diplomatic relations between the two countries were established in March, 1992.

Azerbaijan and the UK have benefitted from close bilateral partnership and cooperation since 1992, in the framework of international organizations such as the United Nations, OSCE, Council of Europe, and NATO. The relations have covered a wide range of issues, from high-level political dialogue to growing trade and investment, as well as strengthening cultural and humanitarian ties.

Economic cooperation between the two countries, especially in the energy sector, is at the core of the relations between Azerbaijan and the UK. The UK is the largest foreign direct investor in Azerbaijan, followed by the U.S. and Japan.

Azerbaijan cooperates with the UK in the exploration and transportation of oil and natural gas from the Azerbaijani part of the Caspian Sea.

/AzerNews/

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