Azerbaijan, UK sign strategic deal to boost economic cooperation

Azerbaijan and the UK have taken a significant step toward strengthening economic ties with the signing of a new Memorandum of Understanding (MoU) during the 7th session of the Joint Intergovernmental Commission on Economic Cooperation, held in London.

The agreement, aimed at expanding bilateral cooperation, was formalised between the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO) and the UK government’s export credit agency, UK Export Finance (UKEF), Caliber.Az reports, citing AZPROMO.

The MoU was signed by Executive Director of AZPROMO Yusif Abdullayev and Head of Origination at UKEF Vomic Nur Shah. It outlines strategic collaboration in areas including the development of business relations and the facilitation of investment projects, with a focus on stimulating joint economic initiatives and creating new opportunities for businesses in both countries.

“The memorandum sets the stage for more dynamic and mutually beneficial economic engagement,” noted AZPROMO in an official statement. “It prioritises the promotion of investment activity and the strengthening of private sector partnerships.”

AZPROMO was established to facilitate non-oil exports and attract foreign investments to the non-oil sector by providing services to interested investors based on a 'single window' principle.   AZPROMO organises various international events to achieve numerous goals set by the head of the state to develop the non-oil sector in Azerbaijan, promote products in the foreign markets, raise awareness on Azerbaijani products among foreign consumers, facilitate networking with local companies, support foreign companies that are keen to gather comprehensive information about the investment climate in Azerbaijan, and provide services to interested investors based on a 'single window' principle.  

Areas of activity  

Stimulation of the export of non-oil sector products

The attraction of foreign investments to the national economy

Expansion of cooperation between local and foreign business communities

Organisation of large-scale events in Azerbaijan and abroad

By Naila Huseynova