Azernews.Az

By Leman Mammadova

Having intensified economic ties with China in recent times, Azerbaijan aims to attract Chinese investments to the non-oil sector.

Currently, over 20 Chinese enterprises engaged in energy, construction, information and communications, aviation, transport logistics, retail trade, restaurant business etc. operate in Azerbaijan.

Both countries are interested to take advantage of the existing great potential for expanding the scope of economic cooperation.

Chinese company China CAMC Engineering Co intends to expand its activities in Azerbaijan.

Shahin Mustafayev, Azerbaijani Minister of Economy, has held discussions on prospects of further cooperation with the Chinese delegation led by Wang Yuhang, Vice President of China CAMC Engineering.

Highlighting the development of Azerbaijani-Chinese economic-trade relations, he noted that Chinese companies operate in the country in various fields and implement joint projects.

Mustafayev stressed that as a result of the growing interest of Chinese companies to the Azerbaijani economy, China CAMC Engineering and the Azerbaijani companies operating in relevant fields signed documents on cooperation in April this year.

Yuhang, in turn, talked on the company's projects to be implemented in Azerbaijan, noting that Chinese businessmen are interested in a favorable business and investment environment in the country.

The sides also discussed the establishment of Agrarian Industrial Park in Azerbaijan within the cooperation with China CAMC Engineering as well as the organization of joint processing plants, participation in industrial parks and quarters, creation of agricultural and household appliances production areas.

As part of the visit to Azerbaijan, the company’s representatives got acquainted with favorable conditions created for entrepreneurs in Hajigabul and Sabirabad industrial quarters, and were informed about the projects implemented there.

China CAMC Engineering, specializing in engineering, procurement and construction, is the executor of more than 100 international projects covering industry, agriculture, energy, petrochemical, water engineering, communications and mining.

In late 2018, the company concluded a deal worth $1.17 billion with Baku Steel Company. The document envisages the construction of the Azerbaijan Integrated Steel Mill Complex in Ganja. The planned capacity of the plant is 1.25 million tons of metal and 700,000 tons of sheet metal annually.

Earlier, the company signed an agreement on cooperation with AS Group Investment (Azerbaijan) in the implementation of the project for the creation of Absheron Agro Park in Azerbaijan. According to the contract, China CAMC Engineering will attract $140 million in the Absheron Agro Park project.

The project envisages fruit and vegetable production, sorting, packaging, storage and logistics with the application of modern technologies. Products produced in the Agro Park are intended for both domestic consumers and export.

China is the third largest trading partner of Azerbaijan, holding the third position in Azerbaijani exports and the fourth in imports. The trade turnover between China and Azerbaijan reached a record level of $1.31 billion in 2018.

The country is going to implement new projects together with the Chinese companies in view of the recently signed contracts worth $821 million covering many fields. The documents were signed the sidelines of the second Belt and Road International Forum in April this year.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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