Azerbaijan's investment, business opportunities presented in China PHOTO

Azerbaijani Economy Minister Mikayil Jabbarov has said that the country’s commitment to diversification, innovation and transformation provides a favourable environment for foreign investors.

He made the remarks at an event titled "Invest in China Year: The Promotion Conference on Greater Openness in the Service Sector” held as part of the China International Fair for Trade in Services, Report informs.

Speaking at the conference, Jabbarov noted the importance of China's innovation-oriented investment opportunities for the country.

Noting that with its strategic location at the intersection of East and West, Azerbaijan has great opportunities to attract Chinese investors, the minister added that Azerbaijan makes a significant contribution to strengthening regional partnership by providing services in transport, energy and other spheres.

In this regard, the projects implemented in Azerbaijan and the opportunities of the Alyat Free Economic Zone are of special importance.

The head of the ministry pointed out the possibilities of implementing joint projects based on the application of innovations and smart technologies in the process of reintegration of the territories liberated from occupation.

During the event, Chinese Commerce Minister Wang Wentao informed the participants of the conference about China's investment opportunities, services sector, as well as the potential for cooperation in these areas.

The conference was addressed by UK State Minister at the Department for Business and Trade Dominic Johnson, Deputy Chief Executive of the International Trade Centre Dorothy Tembo, and other speakers.

The event continued with sessions and negotiations.

The Azerbaijani delegation visiting China also visited Invest in Azerbaijan with a single stand within the framework of CIFTIS. This is the fifth time the country has participated in this event with a single stand.

This year's exhibition covered such areas of the service sector as ICT, finance, culture, tourism, sports, supply chains, business, project consulting, construction, healthcare and environmental protection. The Made in Azerbaijan stand showcased Azerbaijan's investment potential, quality and competitive products.

The stand provides detailed information on the activities of the Export and Investment Promotion Agency, Small and Medium Business Development Agency, Alyat Free Economic Zone, Azerbaijan Investment Company and Entrepreneurship Development Fund, as well as services offered to businesses, support mechanisms and opportunities for potential cooperation with foreign investors.

Furthermore, Jabbarov held a meeting with President of the China Association for International Economic Cooperation Gao Yuanyuan, during which the sides noted the importance of mutual visits in realising economic potential and considered issues of identifying new opportunities for expanding economic ties.

The Azerbaijan-China Investment and Trade Forum was held in Beijing. The event was attended by entrepreneurs and representatives of the public sector.

Jabbarov stressed that the event is a platform symbolising strong and sustainable ties, and is of special importance for discussing economic growth, trade expansion and cooperation opportunities.

The Minister also informed about reforms and growth in Azerbaijan's economy. It was noted that over the past period, Azerbaijan has successfully shifted from a resource-dependent economy to an economy developing on innovation, entrepreneurship and knowledge-intensive industry. Azerbaijan's real GDP grew by 4.6 per cent last year. Tax benefits, preferential lending and favourable investment climate, and expansion of public-private partnerships supported by the government's initiatives in our country were underlined.

In turn,  Yuanyuan emphasised the existence of good prospects for expanding business-to-business partnerships and spoke about the development of cooperation in various areas.

Chinese Commerce Ministry’s Foreign Investment and Economic Cooperation Department Deputy Director Su Yuanji, China's Working Committee Deputy Secretary Li Qiang, D, Lin Xiaodan, China Energy International Group Co. General Vice President Lin Xiaodan and representatives of other Chinese structures shared their vision on expansion of trade and economic ties with Azerbaijan, mutual recognition and implementation of investment opportunities of our countries, possibility of cooperation in the field of green energy and other issues.

Head of AZPROMO Yusif Abdullayev, Chairman of the Board of the Economic Zones Development Agency Elshad Nuriyev, Executive Director of Azerbaijan Investment Company OJSC Ulvi Mansurov informed about measures to attract foreign investments, favourable conditions for investors.

The forum discussed the strengthening of partnerships between business circles and prospects of realisation of joint initiatives in various directions.