Minister: Azerbaijan, UK to sign agreement on expanding cooperation

Energy Minister of Azerbaijan Parviz Shahbazov has said that his country and Great Britain will sign a partnership and cooperation agreement shortly.

He made the remarks at a meeting of the Joint Commission on Economic Cooperation between the governments of Azerbaijan and the United Kingdom of Great Britain and Northern Ireland, Trend reports.

"This agreement should become a fundamental document for further deepening of our bilateral dialogue and cooperation," Shahbazov added.

"More than 30 representatives from 25 government agencies are participating in today's meeting of great interest and importance for our current and future bilateral cooperation. The Intergovernmental Commission plays an important role in advancing our ever-important political, economic and humanitarian relations. The dialogue, in addition to strengthening our ongoing cooperation, will open up new opportunities based on the interests of our countries. It is particularly gratifying that our mutually beneficial cooperation in the political, economic, energy and humanitarian spheres has been consistently and continuously enriched and strengthened by new opportunities. The documents signed between our countries create a favourable political and legal basis for the progressive development of our relations, and official visits and meetings further strengthen this cooperation," the minister said.

The minister also went on to say Azerbaijani investments in the UK totalled $2 billion from 1995 to the first half of 2023.

"Over the same period, the UK invested $35 billion in Azerbaijan, $33 billion of which was directed to the oil and gas sector," he said.

According to Shahbazov, Azerbaijan highly appreciates the UK's contribution to demining activities.

"We are confident that we will take more successful steps in this direction," the minister emphasised.

According to him, reconstruction works are currently underway in the liberated territories, within the framework of which British companies are involved in four projects.

"Thus they contribute to the expansion of the scale of our cooperation," Shahbazov said.

As many as 662 British companies are operating in Azerbaijan in the fields of industry, agriculture, transport, construction, trade and services, the minister noted.

"There is ample room for improvement in this area, and in this regard, I would like to emphasise the opportunities provided by the Alat Free Economic Zone," he said.

In the first 10 months of 2023, trade turnover between Azerbaijan and the UK reached $734 million, he said.

"The UK is one of the main trade partners of Azerbaijan. In 2022, the trade turnover between our countries reached one billion US dollars, increasing by 55.1 per cent compared to 2021. In the first 10 months of 2023, this figure reached 734 million US dollars. Among the main import items from the UK are equipment, vehicles, ferrous metals, pharmaceutical and chemical products, while Azerbaijani exports to the UK mainly include crude oil, fertilisers and various equipment," he said.

For his part, UK Minister of State for Exports Lord Malcolm Offord said that British investors are concerned about the situation in the region due to the conflict between Russia and Ukraine and the situation between Azerbaijan and Armenia.

"We know that you have very good relations with Russia. Azerbaijan plays the role of a hub between East and West in the region. We want to utilise this potential," he noted.

Offord said that in February 2024, the British Embassy in Azerbaijan will host a major cyber security event.

"The UK is a technology superpower with a rich research and innovation ecosystem and home to more than 140 technology 'unicorns'. We need to bring our start-ups and big companies closer together as we transform and digitise trade between us. And we are making progress in infrastructure and design," he said.

The 6th meeting of the Joint Commission on Economic Cooperation between the Government of Azerbaijan and the Government of the United Kingdom of Great Britain and Northern Ireland started in Baku on December 7.

During the meeting, discussions are taking place on cooperation between the two countries in business, energy transition, healthcare, infrastructure, information and communication technologies, cyber security, digital economy and other areas.

The commission is co-chaired by Azerbaijani Energy Minister Perviz Shahbazov and British Minister of State for Exports Lord Malcolm Offord.