Most of the UK’s investments in Azerbaijan are directed to the
oil and gas sector, Azernews reports, citing
Azerbaijani Energy Minister Parviz Shahbazov telling at a meeting
of the Joint Intergovernmental Commission on Economic Cooperation
between the Government of the Republic of Azerbaijan and the
Government of the United Kingdom of Great Britain and Northern
Ireland.
“From 1995 to the first half of 2023, Azerbaijan’s investments
in the UK totaled $2bn. During this period, the UK invested $35bn
in Azerbaijan, $33 bn of which was directed to the oil and gas
sector,” the minister said.
Azerbaijan and the UK will sign an agreement on partnership and
cooperation shortly and the minister noted that the agreement will
serve as a basic document for deepening bilateral dialogue and
cooperation.
“More than 30 representatives of 25 state-owned enterprises are
taking part in today’s meeting, which is of great interest and
importance for our current and future bilateral cooperation. The
Intergovernmental Commission plays an important role during our
most important political, economic, and humanitarian negotiations.
In addition to strengthening current cooperation, the dialogue
serves the interests of our countries and will open up new
opportunities,” said Parviz Shahbazov.
The Minister pointed out that the mutually beneficial
cooperation in the political, economic, energy, and humanitarian
spheres would be continuously enriched and strengthened by the new
opportunities. The documents signed between the two countries
create a favorable political and legal basis for the growing
development of our relations, and official visits and meetings
further strengthen this cooperation.
It should be noted that the Commission is co-chaired by
Azerbaijani Energy Minister Parviz Shahbazov and British Minister
of State for Export Affairs Lord Malcolm Offord.
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