TODAY.AZ / Business

China market looks promising for Azerbaijan to develop in renewables

24 April 2024 [08:30] - TODAY.AZ
By Qabil Ashirov

Economic relations between China and Azerbaijan are deepening day by day. The trade turnover between the two countries has increased recently, and China has risen to the first ranks in Azerbaijan's imports. The Chinese market is lucrative for Azerbaijan, especially with regard to agriculture products. That is why, Azerbaijan is interested in this market and has opened five trading houses in the different cities of China.

Besides, Chinese companies operate in Azerbaijan, especially in the liberated territories. Furthermore, China and Azerbaijan started to cooperate in the production of renewable energy sector. Thus, China has committed to the construction of 230 MW power plants in Garabagh. The relationships are based on a long-term perspective.

Speaking to Azernews economist Natig Jafarly noted that China ranks at the top three in the list of imported products of Azerbaijan for the last 10 years. He recalled that in the first three months of this year, 20 percent of Azerbaijan's imported products came from China. In other words, quite serious economic relations with China have been established for a long time, and these relations are deepening.

“Since the beginning of 2024, Azerbaijani state representatives have been visiting China, and there are negotiations and certain agreements with China regarding the establishment of relations and the implementation of new projects. Of course, the prospects for expanding relations in this field are extremely high. One of the directions that China will set an example for Azerbaijan's economy is to pay more attention to production,” Natig Jafarly said.

He added that as is known, China is a manufacturing country. The Economist emphasized that considering this point of view, it is possible to achieve quite successful results if Azerbaijan cooperates with China on the implementation of certain new projects in order to increase production and create added value. As for green energy, Natig Jafarly said that China is currently the world leader in the production of green energy and equipment.

“For example, the European Union recently realized that 90 percent of the solar panels used in Europe come from China. This indicates that China is becoming a world leader in the transition to green energy or renewable energy. It also took the first place in the world in the production of electric cars. In other words, considering this point of view, China has serious successes, and these successes are based on a serious strategy of investing in the economy with the support of the state. Not long ago, while the transition to green energy was being discussed around the world, China did real work in this field, proving that the transition to green energy is a reality. Even today, China is reaping the benefits of this strategy. Of course, Azerbaijan and China can seriously cooperate in this field as well. Because Azerbaijan has a great potential. Basically, the potential of Azerbaijan in acquiring solar energy is extremely high. Natural conditions allow it. There are areas of Azerbaijan where 260-270 days of the year are completely sunny. This also creates opportunities to widely use the potential of solar energy,” Natig Jafarly concluded.


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