UK has invested $25 bn in Azerbaijan’s economy

Jun 02, 2016 12:00 AM

The United Kingdom has invested $25 billion in Azerbaijan's economy, said Shahin Mustafayev, Azerbaijan's economy minister.

He made the remarks June 2 at a meeting with Baroness Emma Nicholson in Baku.

The minister pointed to the development of the UK-Azerbaijani ties and emphasized the importance of mutual visits in the development of cooperation.

It was also noted that currently, the two countries cooperate in various areas of economy, including energy, trade and investments.

Mustafayev said Azerbaijan is interested in expanding the economic cooperation with the UK in such spheres of non-oil sector, as tourism, agriculture and investments.

He added that the British companies, operating in the area of industry, have great opportunities for investing in Azerbaijan's petrochemical sphere.

Baroness Nicholson, in turn, said the two countries have potential to develop ties in various directions of economy.

She added that in order to expand the export of Azerbaijani agriculture products, it is possible to cooperate with the UK National Farmers Union, as well as organize the mutual visits to study the agricultural and tourism opportunities.

The trade turnover between the UK and Azerbaijan totaled $169.5 million in January-April 2016, some $166.9 million of which accounted for the imports from the UK, according to Azerbaijan's State Customs Committee.

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