This remark was made by Member of the British Parliament and Prime Ministerial Trade Envoy to Azerbaijan, Kazakhstan and Turkmenistan, Charles Hendry at a meeting with Head of the Central Bank of Azerbaijan (CBA) Elman Rustamovin Baku on December 3.

Hendry noted the economic ties between Azerbaijan and Great Britain are developing at a high level. He expressed satisfaction with cooperation with CBA and highly appreciated the activity and reforms carried out by the CBA in the field of creation of banking system in Azerbaijan.

The sides discussed the macroeconomic situation in Azerbaijan, development of banking sector, financial stability and expansion of trade and investment opportunities between the two countries.

Rustamov, for his part, said branching and strengthening of the financial sector are among top priorities of Azerbaijan’s economic policy.

The sides also discussed the current level of cooperation between the banking systems of Azerbaijan and Great Britain, strengthening the role of financial institutions, in particular banks in the bilateral trade and investment relations, as well as prospects of further development of these ties.

Hendry, who was on a visit to Baku also met with Head of Azerbaijan’s state energy company SOCAR Rovnag Abdullayev.

Speaking at the meeting, Abdullayev said the British companies show great interest in Azerbaijan’s energy sector, in particular in cooperation with SOCAR, and the British companies such as BP pay special attention to operating in Azerbaijan.

He also spoke about the achievements gained in the oil and gas sector, and informed the guest about the projects implemented together with BP.

The UK recognized Azerbaijan`s independence in December, 1991. Diplomatic relations between the two countries were established in March, 1992.

Azerbaijan and the UK have benefited from close bilateral partnership and cooperation since 1992, in the framework of international organizations such as the United Nations, OSCE, Council of Europe, and NATO. The relations cover a wide range of issues, from high-level political dialogue to growing trade and investment, as well as strengthening cultural and humanitarian ties.

Economic cooperation between the two countries, especially in the energy sector, is at the core of the relations between Azerbaijan and the UK. The UK is the largest foreign direct investor in Azerbaijan.

Azerbaijan cooperates with the UK in the exploration and transportation of oil and natural gas from the Azerbaijani part of the Caspian Sea.

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