Minister: Great Britain invested over $27 billion in Azerbaijan's economy

By Azernews

By Aygul Salmanova

The second meeting of the UK-Azerbaijan Joint Intergovernmental Commission attended by Baroness Rona Fairhead, the UK Minister of State for Trade and Export Promotion and Shahin Mustafayev, Economy Minister of Azerbaijan was held in Baku.

During the meeting, the sides discussed current economic relations and prospects of cooperation between the two countries.

Mustafayev emphasized that Azerbaijan attaches great importance to bilateral relations with the UK and the two countries have successfully cooperated in various fields of economy.

He noted that over 500 companies with British capital operate in Azerbaijan. Noting the historic importance of extending the Azeri-Chirag-Guneshli project until the September 2050, the minister said that Azerbaijan has successfully cooperated with British BP in the field of oil and gas extraction.

Noting the interest of Azerbaijan in expanding cooperation with the UK in the field of non-oil sector, Mustafayev highlighted the importance of Fairhead's visit to Baku in the development of relations and expressed his views on the direction of expansion of cooperation.

The United Kingdom has invested over $27 billion in the economy of Azerbaijan so far, according to the minister, stressing that British companies can also invest in industrial parks in the country, and together with local companies create livestock farms, establish the production of medical equipment, food, in particular, the processing of meat and milk. In addition, opportunities for the integration of tourism, transport and ICT are enormous.

The UK can use Azerbaijan's transport infrastructure and transit opportunities, he said.

Mustafayev also noted the increase of non-oil exports of Azerbaijan and informed about the export potential of the country to Great Britain.

Fairhead also noted Azerbaijan's achievements in the economic sphere, particularly with UK companies, including BP. She emphasized the importance of holding the meeting of the Intergovernmental Commission and pointed out that cooperation opportunities are being studied in various fields, emphasizing the potential for the development of relations in different spheres of economy.

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.

The two countries further developed mutual relations through the creation of an intergovernmental commission on economic and trade cooperation, which was presupposed in a memorandum "On economic and trade cooperation between Azerbaijan and Great Britain" signed in Baku on March 2, 2015.

The cooperation in the energy sector is currently the key factor of the bilateral economic relations between the two countries. Azerbaijan cooperates with the United Kingdom in the field of exploration and transportation of oil and natural gas from the Azerbaijani sector of the Caspian Sea.

British Petroleum, one of the world's leading integrated oil and gas companies, participates in seven oil and gas projects in the country, has a share in the Baku-Tbilisi-Ceyhan, Southern Gas Corridor, including TANAP and TAP projects. Great Britain is in the first place for investment in Azerbaijan. To date, the UK has invested more than $27 billion in the economy of Azerbaijan.

The trade with the UK in January-November 2017 amounted to $ 240.46 million, of which nearly $ 30 million fell on the export of Azerbaijani products, according to the State Customs Committee of Azerbaijan.