A new era is emerging in the economy of Azerbaijan, which is one of the leading segments of the Belt and Road initiative connecting East, Africa and West. Thus, the close economic relations established between China and Azerbaijan, considered the gateway to the Far East, indicate a more stable economic future.
The visit of the Minister of Economy of Azerbaijan Mikayil Jabbarov to China on September 1-4 played the role of a step taken to further strengthen the relations between the two countries. Within the framework of the visit, Mikayil Jabbarov held meetings with different Chinese officials. Besides, the Azerbaijani Economy Minister delivered a speech at the conference Year of Investment in China: Expanding Special Promotion of Service Industry was held within the framework of the China International Fair for Trade in Services (CIFTIS) and inaugurated the opening of the Azerbaijani Trade House in Beijing.
Azerbaijan-China economic cooperation, which is currently in the interest of the world community, is also widely commented. A Pakistani expert also commented on the issue, adding that the visit envisages the deepening of Azerbaijani-Chinese economic relations.
Speaking to AZERNEWS CEO, Belt and Road Consultans Pvt Limited Muhammad Asif Noor noted that the visit of Azerbaijani Economy Minister Mikayil Jabbarov to China holds significant promise and expectations for the future of economic cooperation between the two countries.
"The inauguration of the Azerbaijan Trade House in Beijing marks a critical milestone in this journey. This trade house is more than just a physical space; it symbolizes a commitment to strengthening economic ties between Azerbaijan and China. During the visit, Minister Jabbarov's meetings with Chinese governmental officials and CEOs of major companies serve as platforms for fostering meaningful dialogues and negotiations. These discussions are likely to cover a wide range of topics, including strategies for expanding trade, encouraging investment, and promoting cooperation in infrastructure projects," the expert noted.
He pointed out that one noteworthy highlight is the recent agreement on investment cooperation signed between Azerbaijan and China, which is expected to be a central point of discussion. He said that the successful implementation of this agreement could open doors to increased investment flows between the two nations, further solidifying their economic partnership.
He emphasized that the perspective of Azerbaijani-Chinese economic relations appears highly promising and poised for significant growth. Several factors contribute to this optimistic outlook. "Firstly, the opening of the Azerbaijan Trade House in Beijing is indicative of a long-term commitment to diversify and strengthen economic relations. This trading house will serve as a hub for promoting Azerbaijani products in the Chinese market, thereby expanding the export potential of Azerbaijani businesses. Moreover, the upcoming exhibition of Chinese companies in Baku, with a substantial number of participants seeking opportunities in Azerbaijan, underscores the mutual interest in fostering economic ties," he noted.
He said that as these Chinese companies look for wholesale buyers, partners, and distributors in Azerbaijan, local businesses have the chance to explore collaborations and joint ventures. It's worth noting that the consistent growth in trade turnover between Azerbaijan and China, particularly the remarkable increase in Azerbaijani exports to China, signals a positive trajectory in economic relations that can be further capitalized on.
"Furthermore, Azerbaijan's strategic location along the Middle Corridor positions it as a pivotal transit country, facilitating the flow of Chinese goods to Europe. This geographical advantage is poised to play a significant role in the expansion of mutual economic relations between the two countries," Asif Noor said.
Touching on Azerbaijan’s benefits from Chinese economic development, Asif Noor said that Azerbaijan stands to derive substantial benefits from China's ongoing economic development through various avenues.
"Firstly, the nation's strategic location along the Middle Corridor positions it as a critical transit route for Chinese goods bound for Europe. This transit role not only strengthens Azerbaijan's economy through transit fees but also encourages infrastructure development and logistics improvements that can further enhance trade efficiency. Secondly, as Chinese companies seek to establish a presence in Azerbaijan by looking for wholesale buyers, partners, and distributors, local businesses can harness this opportunity to form strategic collaborations. Joint ventures with Chinese firms can lead to technology transfer, job creation, and an overall boost to the Azerbaijani economy," he noted.
Muhammad Asif Noor concluded that the surge in Azerbaijani exports to China, especially in sectors like crude petroleum and ethylene polymers, highlights the potential for diversifying and expanding the export of Azerbaijani products to the Chinese market.
"Moreover, the growth in economic relations between the two countries is not a one-sided endeavor; it's a mutually beneficial partnership. The increase in trade turnover and investment flows strengthens both nations' economies, contributing to economic growth and prosperity on both ends," he added.
