TODAY.AZ / Business

Country to open another trading house in China

14 May 2019 [12:42] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan, benefiting great trade potential with China, strives to expand the export of local products to Chinese markets. Azerbaijan is planning to open its Trading House in the Chinese city of Xi'an, the administrative center of Shaanxi province.

The 4th Silk Road International Investment and Trade Forum has been held in the city, where more than 200 enterprises from 25 countries participated. The forum was held under the slogan "New Era, New Pattern and New Development".

Speaking at the "Silk Road Business Cooperation - Xi'an" round table, dedicated to the e-trade cooperation, Trade Representative of Azerbaijan in China Teymur Nadiroglu said that Azerbaijan is one of the first countries that supported the Belt and Road project and is one of the active participants in its implementation.

Speaking about the large-scale infrastructure projects implemented in Azerbaijan in recent years, including the Trans-Caspian International Transport Route, he noted that the trade and transit area is an important part of interstate e-commerce.

Nadiroglu also noted that a memorandum of understanding on transport and transit cooperation between Azerbaijan and Xi'an companies was signed at the signing ceremony of the Azerbaijani-Chinese documents within the framework of the Second Belt and Road Forum for International Cooperation in Beijing in April.

According to the document, it is planned to transport up to 2,500 containers from Xi'an to other countries this year, transiting through Baku and Azerbaijan via the Trans-Caspian International Transport Route.

Nadiroglu also stressed that Azerbaijan is interested in increasing sales of products in China through electronic trading platforms. Noting that the two countries have successfully cooperated in various fields of economy, he added that Azerbaijan takes continuous measures to increase non-oil exports to China.

Within the framework of the round table, Azerbaijani Trade Representation in China and Xi'an Lotoke E-Commerce Co., Ltd. signed a memorandum of understanding on the opening of the Azerbaijan Trading House in Xi'an until the end of the year.

Initially, Xi'an will import quality food, drinks and wine from Azerbaijan. Trade office of Shaanxi province will also support opening of Azerbaijan Trading House in Xi'an.

Three Azerbaijani trading houses are currently operating in China. This market is especially interesting for Azerbaijan in terms of the supply of alcoholic beverages and agricultural products.

Trading houses play an important role in promoting Azerbaijani products to the Chinese market. They help the entrepreneurs to establish direct contacts with their customers, get support in promoting their products and analyze the potential sales markets.

Azerbaijani and Chinese companies have recently signed ten agreements covering various fields on the sidelines of the Second Belt and Road Forum. The total worth of the contracts is $821 million.

China announced the Belt and Road initiative in 2013, aimed at creating infrastructure and establishing links among the Eurasian countries back. This Chinese strategy envisages two key areas of development: the economic belt of the Silk Road and the maritime Silk Road. It is related to the creation of trade corridor for direct deliveries of goods from East to West on preferential terms.

Azerbaijan became a signatory to the Belt and Road Energy Partnership Declaration in October 2018.

Azerbaijan is China's key trade partner in the South Caucasus region. Last year, the trade turnover between Azerbaijan and China exceeded $1.3 billion, making up 43 percent of China’s total trade turnover with the countries of the South Caucasus.

Over the past period, Azerbaijan invested $1.7 billion in China, and Chinese investments to Azerbaijan exceeded $800 million.













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