Baku hosts the Azerbaijan-British business forum. The importance of the event is dictated by at least the volume of British investments in Azerbaijan's economy - since the beginning of cooperation, they have made more than $ 21 billion.
According to Deputy Minister of Economy and Industry of Azerbaijan Sahil Babayev, with these indicators UK ranks first among foreign investors, and it has provided the second largest investment in the non-oil sector of Azerbaijan - $ 1.3 billion.
"Today Azerbaijan is very interested in development of cooperation with this country in the field of petroleum engineering, and this is the main goal of the business forum. We want companies to meet and discuss more specific questions so that in the end of meetings the foundations are laid for new projects and cooperation in this sphere," he said. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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