There is still a huge untapped potential in trade and economic cooperation between Azerbaijan and China, President of Azerbaijan Ilham Aliyev said in an interview to Xinhua.
The head of state recalled that last year the volume of trade between Azerbaijan and China increased by 20.7% compared to the previous year, totaling $3.744 billion. Moreover, China has become the fourth largest trading partner for Azerbaijan and its share in the country's foreign trade has reached 7.9%. China is also the leader in imports, with its share amounting to 17.69%.
"Despite the progressive trade and economic cooperation between the two countries, there is still a huge untapped potential," Ilham Aliyev said.
The president said that the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and China is an important mechanism for deepening bilateral economic ties, identifying promising areas of cooperation and consolidating them further in the legal plane. According to Ilham Aliyev, timely implementation of the Commission's decisions will be key to the success of their efforts. He noted that ahead of his visit to China, the 10th meeting of the Commission is due to be held in Baku.
The head of state also recalled that the Azerbaijani trading and wine houses are operating in such cities of China as Beijing, Shanghai, Urumqi, Qingdao, Chengdu, Nanjing and Zhangjiajie. The president stressed that they are making a significant contribution to the development of bilateral trade relations. To date, a total of 375 companies with Chinese capital are registered in Azerbaijan, of which 298 operate quite actively in Azerbaijan, he added.
"Currently, negotiations are underway between Azerbaijan and China on the prospects for joint cooperation in the non-oil sector, in particular, in attracting direct investment in hi-tech and innovation, alternative and renewable energy," Ilham Aliyev said.
