ECONOMY


COMMODITY CIRCULATION BETWEEN AZERBAIJAN AND CHINA EXPECTED TO REACH THE LEVEL OF USD100 MILLION THIS YEAR

The commodity circulation between Azerbaijan and China this year is expected around the level of USD100 million, the Chinese ambassador to Azerbaijan Chan Siun told journalists. According to him, compared with 2001, last year’s commodity circulation between the two countries had increased 5 times to USD95 million. On the whole, for the 11 year period of cooperation, investments from Chinese companies into the economy of Azerbaijan were worth USD100 million, with USD98 million invested only last year after the signing of two oil contracts for the development of onshore deposits (South West Gobustan and Kursangi-Karabagly). The diplomat noted that Chinese oil companies were interested in further cooperation with Azerbaijan in the oil and gas sector of the economy. They want to take part in new and large projects and in this regard the Chinese embassy in Azerbaijan was currently working to determine the scale of cooperation that Azerbaijan is currently ready for. Chan Siun also spoke of the desire of Chinese companies to establish cooperation with Azerbaijan in the energy sector and agriculture. Currently, a number of Chinese executives were in negotiations on this issue with Azerbaijani partners, but this process, for now, is progressing slowly. The ambassador also noted the wide prospects for cooperation in the field of tourism. “Climatic conditions and the sea would allow receiving good profits from tourism and attract many Chinese tourists to this country”, he said.

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