Azerbaijan, China forge stronger economic ties with key agreements during presidential visit PHOTO

During the official visit of President Ilham Aliyev of Azerbaijan to China on April 23, a series of significant agreements were signed to bolster the economic relationship between the two countries.

The signing ceremony, attended by the heads of state from both nations, saw Azerbaijani Minister of Economy Mikayil Jabbarov and Chinese officials sign several documents aimed at expanding bilateral cooperation, the Azerbaijani Economy Ministry told Caliber.Az.

One of the key agreements was the "Memorandum of Understanding on Industrial Cooperation between the Ministry of Economy of the Republic of Azerbaijan and the Ministry of Industry and Information Technology of the People's Republic of China." This memorandum focuses on collaboration across a range of industrial sectors, including oil and gas, renewable energy, chemicals, metallurgy, mining, textiles, automotive manufacturing, construction materials, pharmaceuticals, and food production.

In addition, the memorandum addresses the importance of mitigating the effects of climate change by promoting the development of industrial sectors, waste management (or recycling), and the digitalization of industries, while incorporating technologies from the Fourth Industrial Revolution.

Another key agreement, the "Memorandum of Understanding on Enhancing Bilateral Cooperation in the Area of Barrier-Free Trade," signed between Azerbaijan's Ministry of Economy and China's Ministry of Commerce, seeks to improve coordination and exchange between industrial organizations in both countries. It also includes the establishment of cooperation mechanisms, organizing trade fairs, exhibitions, and other commercial activities.

A further memorandum, the "Memorandum of Understanding on Strengthening Investment Cooperation in the Digital Economy," outlines priorities for collaboration in the digital economy, focusing on promoting technological innovations, supporting the growth of digital economies, and creating favorable ecosystems for digital investments in both nations.

Additionally, a memorandum between the Ministry of Economy of Azerbaijan and the National Data Bureau of China emphasizes collaboration in the ICT sector, Azerbaijani participation in Chinese international exhibitions, and other partnership opportunities.

During the China-Azerbaijan Conference on Promoting Industry and Investment, held on April 17, several memoranda were signed, including agreements between AZPROMO and multiple Chinese companies. The total value of the signed investment projects during the conference is approximately $335 million.

The signed agreements and memoranda will play a pivotal role in enhancing Azerbaijan-China economic ties and fostering deeper trade cooperation. The agreements are expected to support economic development in both countries and expand partnerships within the framework of the Azerbaijan-China Intergovernmental Trade-Economic Cooperation Commission, which held its most recent meeting in Baku on April 16.

By Naila Huseynova