Economist: Exhibition of Chinese companies in Baku is important for economy

At the end of September 2023, the exhibition of Chinese companies will be held in Baku, Azerbaijan. About 100 Chinese companies are expected to participate in the exhibition. Local media outlets note that Chinese companies are looking for wholesale buyers, partners, and distributors in Azerbaijan.

Speaking to Azernews on the issue, economist Eldeniz Emirov noted that the exhibition held in Baku will help to boost economic cooperation and relations between Azerbaijan and China. He emphasized that both countries could benefit from the results of the exhibition.

“Exhibitions in any field serve to improve and develop activities in that field. Organizing an exhibition of Chinese companies in Azerbaijan is also directly important for the Chinese economy. At the same time, it is significant for the economy of Azerbaijan both in increasing production which will pave for decreasing imports, and at the same time in determining new directions for joint cooperation,” Eldeniz Emirov noted.

He pointed out that trade turnover between the two countries constantly increases. Eldaniz Amirov noted that in the seven months of 2023, the exports of Azerbaijan to China hiked.

“Economic relations between China and Azerbaijan are increasing. The figures in trade turnover between the two countries confirm it as well. Thus, in January-July 2023, the volume of exports from Azerbaijan to China increased by 120% compared to the same period of 2022. However, the amount of products imported by Azerbaijan has increased by 45 percent. As a result, trade turnover of $1.6bn was registered between Azerbaijan and China in the first seven months of 2023,” he added.

The Economist underscored that the expansion of the possibilities of the Middle Corridor will help to develop other fields in Azerbaijan and it will pave the way for the expansion of mutual economic relations between the two countries.

I think that the increasing numbers, at the same time, the expansion of the possibilities of the Middle Corridor in the perspective will not only make Azerbaijan a transit country but also the creation of opportunities for additional fields here. It will increase the weight of Azerbaijan in both exports and imports of China. From this point of view, it is inevitable that economic relations will gradually expand,” he said.

It is worth noting that the bilateral diplomatic relations between Azerbaijan and China were established on April 2, 1992. Azerbaijan is the biggest trade partner of China in the South Caucasus. The trade turnover between Azerbaijan and China totaled over $2bn in 2022. The main products exported from Azerbaijan to China were crude petroleum, ethylene polymers, and petroleum coke. During the last 26 years the exports of Azerbaijan to China have increased at an annualized rate of 17%.