TODAY.AZ / Business

UK invests $23B in Azerbaijan, minister says

13 February 2016 [17:09] - TODAY.AZ

/By Azernews/

By Aynur Karimova

The United Kingdom, the largest foreign direct investor in Azerbaijan, followed by the U.S. and Japan, has invested more than $23 billion in Azerbaijan's economy.

This was announced by Azerbaijan's Economy and Industry Minister Shahin Mustafayev at the first meeting of the intergovernmental commission on economic cooperation between Azerbaijan and the UK in London on February 11.

“Currently, there are 473 companies with British capital in Azerbaijan. UK’s companies act as contractors in the projects being implemented in Azerbaijan,” the minister said.

Today, Azerbaijan and the UK successfully cooperate in various fields - banking, ICT, water supply, tourism, health care and other sectors.

The two countries also cooperate in the humanitarian field, in particular through the cooperation of universities and exchange of students.

"Currently, 569 Azerbaijani students are studying in 38 universities in the UK, and talented British youth are trained in Azerbaijani universities," Mustafayev noted.

"The two countries enjoy great prospects for expanding relations and the established intergovernmental commission will play a significant role in developing economic ties and resolving the issues of common interest," he added.

Later, the two countries signed a protocol of the first meeting of the Azerbaijan-UK intergovernmental commission, which envisages further cooperation of the two countries in the trade, economy, industry, tourism, energy, education and other fields.

The document also says the UK does not recognize the independence of Nagorno-Karabakh and supports the settlement of the Armenia-Azerbaijan Nagorno-Karabakh conflict by peaceful means.

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.

Trade turnover between Azerbaijan and the UK stood at $564 million in 2015, according to the Azerbaijani State Customs Committee. Some $553.33 million of this figure accounted for import of UK products.

Economic cooperation between the two countries, especially in the energy sector, is at the core of the relations between Azerbaijan and the UK.

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

To date, the two countries have signed 24 documents.


URL: http://www.today.az/news/business/147845.html

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