Babayev pointed out that trade between the two countries was $388.1 million in 2005, and $314.3 million during the first eight months of this year, which he said is 14.4 percent up from the same period a year earlier.

The Azeri Minister noted that a variety of UK companies are operating in Azerbaijan in various spheres including oil, tourism, communication, information technologies, banking and others.

Babayev pointed to the favorable business environment created in the country. He said that today Azerbaijan is the place where large-scale energy projects are being implemented.

Babayev noted Azerbaijan is using oil revenues to develop its non-oil sector, adding it is one of the priorities in his country's economy.

Member of UK Parliament Brian Jenkins said United Kingdom welcomes Azerbaijan's rapid development as well as economic reforms conducted in the country.

Mr. Jenkins stressed he will continue making all efforts to further enhance the bilateral economic cooperation between the two countries.

British Ambassador to Azerbaijan Lawrence Bristow attended the meeting. AzerTAg