HomeNewsDevelopment DiplomacyAzerbaijan-UK bolster economic cooperation

Azerbaijan-UK bolster economic cooperation

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Baku, 8 December 2023 (TDI): On Thursday, Baku hosted the sixth session of the Joint Intergovernmental Commission on Economic Cooperation between the governments of the Republic of Azerbaijan and the United Kingdom of Great Britain and Northern Ireland.

Designated representatives from the two countries relevant government agencies attended the meeting. The session was presided over by Azerbaijan’s Minister of Energy, co-chair of the commission Azerbaijan Parviz Shahbazov, and Parliamentary Under Secretary of State (Minister for Exports), co-chair of the commission Lord Malcolm Offord.

Minister Parviz Shahbazov stated in his speech that Azerbaijan and the United Kingdom are bound together through long-standing friendship and profound cooperation.

“For many years, the United Kingdom has been Azerbaijan’s leading foreign investor, investing 35 billion USD in the country during 1995 and the first six months of 2023, 33 billion of which went to the oil and gas industry.

During the same time, Azerbaijani investment in the United Kingdom totaled $2 billion”, Shahbazov added.

He further mentioned that the present elevated state of bilateral relations, mutually advantageous collaboration in the economic, trade, energy, political, social, and humanitarian spheres, and the enrichment of it with new content every day is particularly satisfying.

It was highlighted that reciprocal official visits and meetings play an essential role in developing collaboration, and the execution of mutual agreements provides a constructive political and legal foundation for the gradual growth of relations.

The operations of British enterprises regarding reconstruction activities performed in liberated areas were acknowledged in the address by Azerbaijan’s Minister.

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The parties discussed long-term and fruitful cooperation in the energy sector between the two countries, emphasizing the importance of this cooperation for maintaining global energy security.

Malcolm Offord underlined that the UK-Azerbaijan trade connection is worth £1.3 billion, and that “we intend to boost the amount through making trade easier and quicker for businesses in our two nations. The Joint Intergovernmental Commission acts as a forum for debate on how to accelerate trade and investment growth.”

The Protocol on the Conclusion of the Sixth Conference of the Azerbaijan-UK Intergovernmental Commission and the Exclusive Distribution Agreement between the Bridge Group of Companies (Azerbaijan) and Concrete Canvas Limited (Great Britain) were signed at the end of the conference.

Moreover, the work done since the 5th meeting of the Intergovernmental Commission was reviewed at the meeting.

The discussions included those on bilateral cooperation in the areas of the business environment, healthcare, infrastructure, technological innovation, cybersecurity, digital economy, mine action, missing people identification, education, agriculture, food security, and climate change. The commission’s seventh meeting will be held in London in 2024.

Maha Afzal Chaudhary
Maha Afzal Chaudhary
Maha Afzal Chaudhary is an undergraduate student pursuing a BS in International Relations from the National University of Modern Languages (NUML), Pakistan. She has a keen interest in analyzing global dynamics while deconstructing the underlying facts and unraveling the intricacies of international politics. Her areas of focus encompass state security-related matters and preferential economic interests. Her concerned sphere also comprises foreign policy-making processes of states.

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