Azerbaijani Minister for Economic Development Shakhin Mustafayev and Chinese Minister for Commerce Chen Deming have signed a cooperation memorandum, Interfax-Azerbaijan reports.
The ministers signed a protocol on formation of a working group for trade-economic cooperation of the Azerbaijani Ministry for Economic Development and the government of Xinjiang Uygur Autonomous District. Azpromo (Azerbaijan) and CEATEC signed a memorandum of intensions. Azpromo and CEATEC organized a business forum for over 100 entrepreneurs of banking, insurance, construction, wine-making, beekeeping and other spheres.
Trade turnover between the two states increased by 60% in January-April 2012. Over 40 companies with Chinese capital were registered in Azerbaijan in 2004-2011. Chinese companies invested $102.5 million in the non-petroleum sector of Azerbaijan and $598 million in the petroleum sector.
Chinese companies fulfill state orders worth 417 million euro.
China has 16 companies with Azerbaijani capital. They invested $5 million.
Another business forum is planned in Guangzhou for June 15.
Azpromo was founded by the Ministry for Economic Development in 2003. It promoted investments and consulted investors. Its functions expanded in August 2005, export promotion was initiated.
