Minister: Azerbaijan is a key partner for UK across multiple sectors Photo

The 7th meeting of the Joint Intergovernmental Commission on Economic Cooperation between Azerbaijan and the United Kingdom concluded in London with an agreement to hold the 8th session in Baku in 2026.

A protocol was signed at the meeting, alongside a Memorandum of Understanding between the UK Export Finance (UKEF) and AZPROM, marking a step forward in bilateral relations, Caliber.Az reports per local media.

Prior to the meeting, Azerbaijan's Energy Minister Parviz Shahbazov met with Gareth Thomas, the UK Minister for Services, Small Businesses and Exports. The two discussed various areas of cooperation.

During the session, the ministers co-chaired discussions, with Thomas emphasising that the agreements reached would enhance business relations in export, infrastructure, energy, and education sectors. He highlighted Azerbaijan’s strategic importance to the UK, stating, "Azerbaijan is a key partner for the United Kingdom in several industries."

Shahbazov noted the significance of UK-Azerbaijan relations, with the UK being the largest foreign investor in Azerbaijan’s economy, contributing over $37 billion. He also drew attention to the presence of more than 500 British companies operating in Azerbaijan and the growing bilateral trade volume. Shahbazov particularly praised BP’s role in the oil and gas sector and their involvement in "green" initiatives, such as the forthcoming construction of the Shafag solar power station.

Additionally, the role of UKEF’s £5 billion (over $ 6 billion) credit guarantee for priority projects in energy, transport, and infrastructure was highlighted during the discussions.

Around 30 Azerbaijani state institutions participated in the meeting, with discussions covering over 20 key areas, including energy transition, infrastructure development, economic modernisation, and business climate improvements.

The two sides also agreed to cooperate in transport, textile industries, water resource management, digital construction, aviation, and demining. Special attention was given to streamlining export procedures and enhancing collaboration with industrial parks, including the Alat Free Economic Zone.

By Aghakazim Guliyev