Azerbaijan to set up electric vehicle manufacturing factory

By Azernews

By Ayya Lmahamad

Azerbaijan’s Economy Minister Mikayil Jabbarov and China’s BYD company Executive Director for Europe Isbrand Ho have discussed the creation in the country of a plant for the assembly of electric buses, hybrid and electric cars.

During the meeting, the minister emphasized that Azerbaijan attaches great importance to ties with China and is interested in expanding bilateral cooperation.

He briefed on the economic priorities of Azerbaijan, the application of green technologies, measures taken in the field of environmentally friendly vehicles, and the prospects for partnership in this area. Jabbarov also invited Chinese companies to take advantage of the favorable business environment created in Azerbaijan.

In turn, the executive director briefed on the company’s activities and the potential for partnership.

Trade turnover between Azerbaijan and China amounted to $1.7 billion in 2021, making China Azerbaijan’s fourth largest trade partner. In addition, the trade turnover between the two countries amounted to $147.6 million in January 2022.

Azerbaijan usually participates in a number of international exhibitions held in China. Azerbaijan has a trade mission in China, trade and wine houses, trade branches in trade networks and measures are continuously taken to develop cooperation. In addition, there are companies with Chinese capital operating in Azerbaijan. The successful investment cooperation is underway.

Additional,  Azerbaijan was one of the first countries to support China's "One Belt, One Road" initiative.