The Azerbaijan State News Agency

ECONOMY

Port of Baku, Chinese SPG Qingdao Port ink Memorandum of Understanding

Baku, April 18, AZERTAC

The "Baku International Sea Trade Port" JSC (Port of Baku) and Qingdao Port, one of the largest ports in China have signed a Memorandum of Understanding.

Under the deal, both entities have agreed to collaborate on the implementation of best techniques, digital solutions, sustainability, and technologies, and leverage contemporary solutions for organizing port operations and managing business relationships. In addition, the ports have committed to facilitating mutual visits and knowledge exchange to acquire new skills and knowledge. It is pertinent to mention that the memorandum of understanding enables transportation of cargo from Japan and South Korea via the "Middle Corridor" passing through Azerbaijan from Qingdao Port.

The signing ceremony was followed by the unveiling of a monument - the 80 years old historical Navigation Mark Light presented by the Port of Qingdao to commemorate the occasion. The lighthouse, erected on the Absheron rocks, serves as a symbolic representation of the longstanding trade and friendship between Azerbaijan and China along the Ancient Silk Road, and the continuation of this relationship in modern times.

The visit of a delegation led by Li Fengli, Chairman of the Board of Directors and General Director of Shandong Port Group, to Azerbaijan from April 16-18, 2023, underscores the commitment of both parties to further develop and expand business and trade opportunities. The delegation aims to discuss the development of cooperation between the Shandong Port Group and several Azerbaijani organizations, including the Port of Baku.

Qingdao Port, a constituent of the Shandong Port Group, constructed China's inaugural fully automated container terminal, where all loading is conducted autonomously. Utilizing cutting-edge artificial intelligence and 5G technologies for loading operations, the port handled a staggering 26 million TEU containers last year.

Qingdao Port, which boasts the third-largest handling capacity in China, is part of the rapidly expanding Shandong Port Group - a globally recognized organization responsible for transporting a substantial share of cargo to China, Central Asia, and Europe. In 2022, this port group achieved a world record of more than 1.6 billion tons of cargo annually, a figure that continues to grow. Furthermore, last year, this port group managed over 37 million TEU equivalent containers and ranked as the third-largest container handling port in the world.

SPG Qingdao Port Group Company Limited consists of five major port areas: Qingdao Dagang Port Area, Huangdao Oil Port Area, Qianwan Port Area, Dongjiakou Port Area and Weihai Port, with 116 production berths. The operating efficiency of cargoes such as containers, iron ore, and pulp remains the highest in the world.

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