Trade turnover between Azerbaijan and China increased by 56% YoY in the nine months of 2016, Azerbaijani Economy Minister Shahin Mustafayev said.
He made the remarks during a meeting with Chinese businessmen in Baku.
Azerbaijan is interested in further development of relations with China, the minister noted.
He added that there was a big potential between the two countries in development of relations in the spheres of energy, transportation, transit freight traffic and investment.
During the meeting, Wang Shihong, member of management board at the China National Petroleum Corporation (CNPC), said that economic and political relations between Azerbaijan and China were at a high level.
Speaking about the activity of his company in Azerbaijan, Shihong recalled the signing of a memorandum of understanding between Azerbaijan’s state oil company SOCAR and CNPC and noted the importance of implementation of a project to create a chemical and oil refinery complex in Azerbaijan.
During the meeting, the sides also discussed the opportunities of expanding cooperation between the two countries’ entrepreneurs.
Trade turnover between China and Azerbaijan reached $641.39 million in January-September, $145.81 million of which accounted for export to China, according to Azerbaijan’s State Customs Committee.
China is one of main trade partners of Azerbaijan – the country ranks the fifth in Azerbaijan’s trade turnover over the nine months of 2016, the third – in Azerbaijan’s import and the 12th – in export. (Trend/Business World Magazine)