Azerbaijan’s Minister of Energy Parviz Shahbazov held a bilateral meeting with Gareth Thomas, the UK’s Parliamentary Under Secretary of State (Minister for Services, Small Businesses and Exports) at the Department for Business and Trade to discuss key issues on the bilateral cooperation.
Two ministers co-chaired the 7th 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 took place in London.
Minister Shahbazov emphasized President Ilham Aliyev’s commitment to deepening ties with the United Kingdom, Azerbaijan’s primary trading partner. He highlighted the UK’s position as the largest foreign investor in Azerbaijan, with over $37 billion in investments.
More than 500 British companies currently operate in Azerbaijan across diverse sectors. A fourfold increase in bilateral trade turnover in the first quarter of this year reflects the dynamic growth of the partnership.
He also underlined the strategic cooperation with bp, which has invested more than $35 billion in Azerbaijan's oil and gas sector. This collaboration is expanding to include green energy initiatives, such as the soon-to-begin construction of the Shafag Solar Power Plant. This project exemplifies joint efforts in renewable energy and decarbonization.
Shahbazov also welcomed broader cooperation with UK companies and noted the £5 billion loan guarantee from UK Export Finance (UKEF) for priority projects in energy transition, transportation, and infrastructure.
The meeting gathered representatives from around 30 Azerbaijani government agencies. Discussions covered over 20 sectors, with presentations on development prospects and opportunities for cooperation in areas including:
Energy transition (renewables, grid development, emissions reduction, liberalization of the electricity market, offshore wind, solar, and hydrogen)
Financial and professional services
Technology and artificial intelligence
SME promotion, cybersecurity, education, science, and healthcare
Youth, culture, and sports
Additional areas of focus included infrastructure development via the Middle Corridor, mutual investment, textile industry collaboration, water and waste management, transport, aviation, digital construction, and demining.
The sides agreed to enhance cooperation on regulatory alignment, expand participation in industrial parks and economic zones (including the Alat Free Economic Zone), and facilitate exports and business environments in both countries.
The need to expedite the Partnership and Cooperation Agreement between Azerbaijan and the UK was also highlighted.
In his remarks, Minister Gareth Thomas stated: "Today’s deals with Azerbaijan will allow for an even closer working relationship between our two nations. Our Plan for Change to drive economic growth is at the heart of these agreements, boosting exports and services across the energy, infrastructure, and education sectors. Azerbaijan has long been a key partner for many UK industries, and these deals will solidify that partnership for years to come."
During the event:
- A Memorandum of Understanding was signed between UKEF and AZPROMO.
- A Protocol on the Outcomes of the 7th session of the Joint Intergovernmental Commission was signed.
It was agreed that the 8th meeting of the Commission will be held in Baku in 2026.
Britain and France have pledged stronger military support for Ukraine, including access to classified technology for Storm Shadow missile productio...
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
Türkiye and Qatar aim to boost bilateral trade to $5 billion, Turkish Trade Minister Ömer Bolat said after meeting Qatar’s Minister...
Iran on Saturday denounced U.S. plans to announce new sanctions that could put further strain on the Islamic Republic's economy and have an impact on its most important trading partners including China.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
A newly created pro-government political party has secured a commanding victory in Kazakhstan's snap parliamentary election, according to exit polls, strengthening President Kassym-Jomart Tokayev's influence at a pivotal moment in the country's political transition.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
Kazakhstan has received a fresh vote of confidence in its economy after S&P Global Ratings upgraded the country’s credit rating, citing stronger public finances, solid reserves and steady economic growth.
AnewZ Business Europe, a new weekday programme, takes viewers inside companies driving growth and innovation across the continent, with Brickken CEO Edwin Mata joining the programme for its first episode with host Chief Global Editor Guy Shone. The show airs every Friday.
Once associated mainly with Muslim-majority countries, Islamic finance has become a global industry. Its assets reached around $5.98 trillion in 2024, according to ICD-LSEG, as more countries explore Shariah-compliant finance.
Fuel restrictions have returned to parts of Moscow and the surrounding region, adding another strain to Russia’s economy as refinery outages and rising imports weigh on the rouble.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment