Azerbaijan, Baku, April 6 / Trend, A.Gasimova /
Although Azerbaijan is a young country, it has an increasing presence on the international stage and one can proudly say that the UK is a friend and strategic partner of Azerbaijan, Lord Stephen Green, Minister of State for Trade and Investment of the Foreign and Commonwealth Office (FCO) said in an interview to The Business Year magazine.
"The UK government places a great deal of importance on trade relations with Azerbaijan. In fact, the first British businessman is said to have visited Baku 500 years ago, and I'm pleased to say that today British firms are the principal foreign investors in Azerbaijan," Lord Green said.
He said the shared benefits of this cooperation are clear, fast developing economies like Azerbaijan are vital drivers for growth, and UK expertise and industry has been helping modernize and develop many sectors, including oil and gas and infrastructure
"Azerbaijan is making a significant push to develop its IT sector, and we're also involved in developing this area. Our relations are underpinned by trade, but the scope of our relationship is widening all the time," Lord Green said.
"With BP at the forefront, the UK has strong business links with Azerbaijani companies in the energy sector and related services. UK companies have invested over $25billion in Azerbaijan. While trade between our countries has grown in recent years, speaking to business people in the UK, I am convinced that this can grow further and farther than it has so far," Lord Green said.
He said there are 120 UK businesses operating in Azerbaijan.
"There are many business opportunities. I would like-to see more of our companies, especially our SMEs, doing business with each other. As Azerbaijan prospers from its natural resources, its citizens are increasingly looking to purchase higher end goods and services, and this is an area where we see UK based companies moving. We are already seeing growth in the retail sector, with a particular focus on luxury brands and well known household names," Lord Green said said.
He said there is also increasing interest in the education sector.
"The UK has some of the finest schools and universities in the world, and I am pleased to see that the number of applications from Azerbaijan has doubled in the past couple of years," he added.