Enhancing Bilateral Economic Cooperation between Baku and Beijing: Insights from Huiyao Wang

In recent years, the economic relationship between Azerbaijan and China has been steadily growing, with trade between the two countries increasing by 25% in the first two months of 2024. This upward trend presents a great opportunity for both nations to further strengthen their bilateral economic cooperation and explore new avenues for collaboration.

Huiyao Wang, President and Founder of the Center for China & Globalization, has highlighted several key areas where Azerbaijan and China can focus on to enhance their trade relations and promote sustainable development. One of the key suggestions is to establish a productive base for new energy vehicles in Azerbaijan, leveraging China’s expertise in this sector. This move not only supports Azerbaijan’s green transition but also opens up opportunities for mutual growth and innovation.

Infrastructure development is another crucial aspect that can facilitate smoother trade flows between the two countries. Wang emphasizes the importance of further developing the Trans-Caspian International Transport Corridor and enhancing logistic hubs like the Alat Logistics Center. By improving connectivity, Azerbaijan and China can create a conducive environment for increased trade volumes and economic cooperation.

Sectoral diversification is also key to expanding the scope of collaboration between Azerbaijan and China. Wang suggests exploring opportunities in sectors such as information-communication technology, agriculture, green economy, and renewable energy. These areas hold significant potential for mutually beneficial projects that can drive economic growth and innovation.

Financial cooperation is another area where Azerbaijan and China can deepen their ties, particularly by leveraging Azerbaijan’s membership in the Asian Infrastructure Investment Bank for funding joint projects. Wang also highlights the potential for Chinese investment in sectors like oil and gas exploration, machinery manufacturing, and agricultural processing, which can further enhance industrial capacity and technology exchanges.

In addition to these suggestions, Wang emphasizes the importance of promoting joint ventures and partnerships in various sectors, including renewable energy, ICT, and tourism infrastructure. By engaging in business forums and trade exhibitions in China, Azerbaijan can showcase investment opportunities and attract Chinese businesses for strategic alliances and technology transfer.

Overall, the potential for economic cooperation between Azerbaijan and China is vast, with numerous opportunities for mutual growth and development. By focusing on key areas of collaboration and leveraging each other’s strengths, both countries can further enhance their trade relations and drive sustainable economic growth.