The document was signed during the visit of the Azerbaijani delegation led by Economy Minister Shahin Mustafayev to China.
During the visit, a protocol “On cultural cooperation for 2019–2023 between the Ministry of Culture and Tourism of China and the Ministry of Culture of Azerbaijan” was also signed.
Minister Shahin Mustafayev held a number of meetings during his stay in China, and also took part in the seventh meeting of the intergovernmental commission on trade and economic cooperation between Azerbaijan and China.
In particular, during a meeting with President of the China National Electrical Engineering Co. (CNEEC) Zhang Yanfei, the organization of tire manufacturing in Azerbaijan was discussed.
The sides exchanged views on the possibilities for developing cooperation and the company’s activities in Azerbaijan. It was noted that CNEEC is interested in cooperation with Azerbaijan.
The seventh meeting of the Azerbaijani-Chinese Intergovernmental Commission was also held during the visit. At the meeting, it was noted that the trade turnover between the two countries amounted to $1.3 billion in 2018. It was also noted that Azerbaijan accounts for 43 percent of China’s trade with the countries of the South Caucasus. However, there is potential for increasing the volume of trade.
Almost 120 companies with Chinese capital operate in Azerbaijan. The total investment value of Chinese companies in Azerbaijan is more than $800 million.
Speaking about the possibilities of cooperation in the field of transport, Mustafayev noted during the meeting that the use of the Trans-Caspian International Transport Route (TITR) within the One Belt One Road (OBOR) initiative opens up broad opportunities for cooperation in the fields of economy, especially investments, trade, transit.
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