"I suspect that in the next few years the greatest progress is likely to come to Azerbaijani banks through strengthening their relationship with the UK and other international banks, rather than have the UK banks grow their operations within Azerbaijan," he said.
Chandos, who is also the chairman of the Thomson Foundation, the international media development organisation, said the initiative should come from Azerbaijani banks.
Speaking about the possibilities of expanding the ties between Azerbaijan and the UK, Chandos said that obviously, the trade-turnover between the two countries is important.
"From the Thomson Foundation`s point of view, the links between the media of both sides could be a great stimulus to accelerate and make the relationship between the countries closer," he said.
"I hope that one of the things that will come from the closer relationship between our media outlets, is better understanding of both the opportunity for British companies and banks in Azerbaijan, and also better understanding within the UK of the services and goods that can likely be supplied here from Azerbaijan," Chandos said.
Chandos also mentioned the oil sphere, saying that while the UK has had the experience in the field in the last 50 years, it would be the area where the sides could have more partnership.
In recent years, Azerbaijan has been actively developing economic ties with the UK. Thus, an intergovernmental commission on economic and trade cooperation between the two countries will be created in the near future. In addition, Azerbaijan intends to use the experience of the UK in the process of privatization of state enterprises of communication.
Azerbaijan and the United Kingdom cooperate in various fields, including energy, trade and investment. Currently there are 543 companies with British capital in Azerbaijan, the UK has invested $20 billion in Azerbaijan`s economy.
The trade turnover between Azerbaijan and the United Kingdom amounted to $45.48 million in January-February 2015, according to the State Customs Committee (SCC) of Azerbaijan. At the same time during this period, Azerbaijan imported goods worth $44.4 million, while goods worth $1.05 million were exported.
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