Azerbaijan, China sign documents to enhance economic and trade partnership
Baku, April 23, AZERTAC
As part of President Ilham Aliyev’s state visit to the People's Republic of China, Azerbaijan and China signed a series of agreements with the participation of the both countries' Presidents.
According to the Ministry of Economy, several agreements were inked between Minister of Economy Mikayil Jabbarov and heads of China’s relevant government institutions, focusing on the expansion of trade cooperation.
The Ministry of Economy of the Republic of Azerbaijan and the Ministry of Industry and Information Technology of the People’s Republic of China signed a Memorandum of Understanding on industrial cooperation. The agreement outlines measures aimed at enhancing collaboration across key industrial sectors, including oil and gas, renewable energy, chemicals, metallurgy, mining, textiles, automotive manufacturing, construction materials, pharmaceuticals, and food production. The MoU also envisages collaboration in mitigating climate change through industrial development, improving waste management practices, advancing digitalization in the sector, and implementing technologies associated with the Fourth Industrial Revolution.
The Memorandum of Understanding (MoU), signed between Azerbaijan’s Ministry of Economy and China’s Ministry of Commerce to enhance bilateral trade cooperation, outlines initiatives for strengthening coordination between industrial organizations, developing support mechanisms for suppliers and buyers, organizing trade fairs, exhibitions, and other promotional activities.
The Ministry of Economy of the Republic of Azerbaijan and the Ministry of Commerce of the People's Republic of China signed a Memorandum of Understanding (MoU) aimed at fostering investment cooperation in the digital economy. The agreement includes collaborative efforts to identify priority areas in the digital sector, foster the development of innovative business models, jointly promote digital economy growth, support technological advancements, and establish a conducive ecosystem for digital investments in both countries.
The Ministry of Economy of Azerbaijan and China’s National Data Administration (NDA) signed a Memorandum of Understanding on enhancing cooperation in the digital economy. The document emphasizes support for collaboration between institutions and research bodies in the field of information and communication technologies (ICT), as well as Azerbaijan's participation in international exhibitions held in China, alongside other strategic partnership initiatives.
Additional agreements aimed at deepening bilateral economic relations, particularly in the field of investment, were signed on April 18 in Beijing during the China-Azerbaijan Industry and Investment Cooperation Promotion Conference. The event was jointly organized by the Export and Investment Promotion Agency of Azerbaijan (AZPROMO), the Azerbaijani Trade Representative's Office in China, and the National Development and Reform Commission of China (NDRC), with support from the Beijing Municipal Development and Reform Commission. The total value of the signed investment projects is estimated at $335 million.
The Small and Medium Business Development Agency of Azerbaijan (SME) signed a Memorandum of Understanding with the International Cooperation Center of China’s National Development and Reform Commission (NDRC), while the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) formalized cooperation with both the China Academy of Information and Communication Technology (CAICT) and the World Internet of Things Convention Organization (WIOTC). The Export and Investment Promotion Agency of Azerbaijan (AZPROMO) also signed a Memorandum of Understanding with the NDRC’s International Cooperation Center.
In addition, AZPROMO entered into multiple agreements with Chinese companies to develop key production capacities. These include the production of laptops with Shenzhen Hasee, pipes with Zhongjing United (Beijing) Trading Co., Ltd., textiles with Shandong Huafang Co., Ltd., tractors with Changzhou Dongfeng Agricultural Machinery Group Co., Ltd, and cardboard with Vencou Vanhong. Another MoU was signed with Sino-Foreign for the implementation of a range of investment projects.
An agreement of intent was signed between the Economic Zones Development Agency of Azerbaijan (IZIA) and Vencou Vanhong to launch a cardboard manufacturing project in the Sumgayit Chemical Industrial Park.
Further collaboration was cemented between Improtex and Changzhou Dongfeng Agricultural Machinery with signing a Memorandum of Understanding on a tractor production initiative, while Azeraluminium LLC reached a cooperation agreement with China Machinery Engineering Corporation (CMEC) for the implementation of investment projects. This agreement also includes financial support from Chinese banking institutions, which is expected to boost industrial growth in Azerbaijan.
The implementation of the newly signed documents on the development of economic and trade relations between the two countries would contribute to the further expansion of economic partnership within the Azerbaijan-China Intergovernmental Commission on Trade and Economic Cooperation, which last convened in Baku on April 16.
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