Chinese CNEEC to build tire plant in Azerbaijan

Economy 11:35 04.05.2019

Azerbaijan is going toimplement new projects together with the Chinese companies in view of the recently signed contracts worth $821 million covering many fields.

Azerbaijan intends to open two more trading houses in China in 2019, Azerbaijani Economy Minister Shahin Mustafayev told local media on May 2.

'The memorandum on the creation of one of these trading houses was signed during the Зresident's recent visit to China, he added. 'The second trading house is scheduled to open in Beijing.

He noted that Azerbaijan opened the trade representative office in China in 2017, adding that Azerbaijani entrepreneurs are greatly interested in the Chinese market.

"Three Azerbaijani trading houses are currently operating in China. This market is especially interesting for us in terms of the supply of alcoholic beverages and agricultural products. Over the past two years, we participated in nine big exhibitions in China and sent six export missions to this country," Mustafayev said.

He noted that trading houses play an important role in promoting Azerbaijani products to the Chinese market. They help the entrepreneurs to establish direct contacts with their customers, get support in promoting their products and analyze the potential sales markets, according to the minister.

'Azerbaijan and China have a great potential for the development of trade, he added. 'For example, the trade turnover between the countries exceeded $1.3 billion in 2018, while it grew by 2.4 times in the first quarter of this year.

Mustafayev also said that Azerbaijan is China's main trading partner in the South Caucasus. Thus, 43 percent of China's total trade turnover with the countries of this region accounts for our country's share. At the same time, investments between countries are also growing.

"Azerbaijan has invested $1.7 billion in China's economy, while the Chinese companies made investments worth $800 million in the Azerbaijani economy," Mustafayev noted.

The minister stressed that the Chinese companies are also interested in expanding cooperation with Azerbaijan.

He noted that this year Azerbaijan will transit 43,400 containers from China, which is 900,000 tons of cargo. The ministeralso added that the new Baku International Sea Trade Port is capable of handling up to 15 million tons of cargo per year and 100,000 containers.

'In June-July this year, we will send our representatives to China to encourage Chinese provinces to transport containers through the territory of Azerbaijan, he said.

Talking on the joint tire plant with China, the minister stressed that investment in the construction of a tire plant in Azerbaijan will be $300 million. The plant will be built on the territory of Sumgayit Chemical Industrial Park andconstruction of the plant will be carried out by the Chinese company CNEEC (China National Electric Engineering Co Ltd).

Currently, the share in the project is supposed to be as follows: CNEEC -90 percent, Azerbaijan Investment Company (AIC) 10 percent. Production capacity of the plant will be 3.3 million tires per year.

'As can be seen, the annual capacity of this enterprise is designed not only for the local market. Tires will be exported to neighboring countries, which will naturally serve to increase the export potential of Azerbaijan, he added.

As previously reported, Azerbaijani and Chinese companies signed agreements within the 2nd International Forum 'One Belt, One Road in Beijing. In particular, an agreement was signed on the construction of a tire production plant.

Azerbaijan takes measures to turn Khankandi into safe city - VİDEO

News line

Netanyahu: "We have strategic assets of Hamas"
09:17 29.03.2024
Date of next meeting of Armenian and Azerbaijani Parliament Speakers announced
09:00 29.03.2024
Russia prepares for new offensive in May-June l – says Zelensky
23:52 28.03.2024
Russian investigators have evidence of Ukraine link to Crocus terrorists
22:24 28.03.2024
Committee members of the EU Council will visit the South Caucasus region
19:48 28.03.2024
Bayern to pay Thomas Tuchel 12M euro compensation
Bayern to pay Thomas Tuchel 12M euro compensation
19:00 28.03.2024
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
18:33 28.03.2024
Azerbaijan, UN Development Program mull future co-op
18:00 28.03.2024
An Independent Trade Union Established within International Eurasia Press Fund - First in NGO sector - PHOTOS
17:39 28.03.2024
Italian PM condemns Macron for idea of sending troops to Ukraine
Italian PM condemns Macron for idea of sending troops to Ukraine
17:23 28.03.2024
Azerbaijan lends clarity to color requirement for taxis
17:02 28.03.2024
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
16:45 28.03.2024
Nigerian army eliminates over 200 militants in 2 weeks
16:30 28.03.2024
Armored Vehicle Coalition for Ukraine launched in Poland
Armored Vehicle Coalition for Ukraine launched in Poland
16:15 28.03.2024
Russia strengthens transport security measures after terror attack at Crocus City Hall
Russia strengthens transport security measures after terror attack at Crocus City Hall
15:55 28.03.2024
Türkiye plays an important role between Russia and Ukraine - says political scientist Ismail Cingoz
15:45 28.03.2024
2 schoolchildren detained in France on suspicion of sending bomb threats
15:35 28.03.2024
Ski resort in Georgia hit by avalanche
Ski resort in Georgia hit by avalanche
15:26 28.03.2024
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
15:15 28.03.2024
Media: US did not transfer all information about terrorist attack in Crocus City Hall to Russia
15:00 28.03.2024
Movement ‘Together’ calls on Armenia’s parliamentary forces to express vote of no confidence in Pashinyan
14:41 28.03.2024
Azerbaijan to participate in international trade fair in Istanbul
Azerbaijan to participate in international trade fair in Istanbul
14:32 28.03.2024
Le Pen accuses French government of fraud
14:22 28.03.2024
Armenian Government Grapples with Internal Division on Village Return Issue - Ishkhan Verdiyan talks on Ednews
14:12 28.03.2024
Ammunition found along route of Crocus City Hall terrorists
Ammunition found along route of Crocus City Hall terrorists
13:41 28.03.2024
Expert Ilyas Huseynov Predicts Peaceful Return of these territories to Azerbaijan
13:20 28.03.2024
Azerbaijan weather forecast for March 29
Azerbaijan weather forecast for March 29
12:55 28.03.2024
Russian MFA concerned about upcoming Armenia-US-EU meeting
12:23 28.03.2024
Secret Points of Pashinyan's Meeting with French Representative: Is Peace Agreement Signing Imminent?
12:00 28.03.2024
Armenia announces recruitment of border guards to work at Zvartnots
Armenia announces recruitment of border guards to work at Zvartnots
11:47 28.03.2024
The US-Armenia-EU Joint Conference is a part of the pressure plan on Azerbaijan - MP Konul Nurullayeva
11:30 28.03.2024
Azerbaijan’s central bank reduces discount rate
Azerbaijan’s central bank reduces discount rate
11:23 28.03.2024
CSTO chief: ‘Yerevan doesn’t participate in our work, but there are no statements about suspension’
11:13 28.03.2024
Ammunition found in Khankandi
Ammunition found in Khankandi
11:00 28.03.2024
Russia had been aware of preparation for terrorist attack at Crocus - says intelligience chief
10:46 28.03.2024
Scholtz reveals date of his last telephone conversation with Putin
Scholtz reveals date of his last telephone conversation with Putin
10:33 28.03.2024
Head of the SSS: France is inciting Armenia to a new war
10:21 28.03.2024
Are we in the brink of World War III? - Pundit talks on Ednews
10:10 28.03.2024
Azerbaijan's National Security: Reflecting on 105 Years of Defending Sovereignty
09:55 28.03.2024
Hikmat Hajiyev: Rasmussen fell in forgetfulness to attach payment to his report
09:35 28.03.2024
Hamısı