Ambassador reveals last year’s figures for mutual investment between Azerbaijan and UK

The trade turnover between Azerbaijan and the United Kingdom amounted to $ 48.3 million in the first quarter of 2018, Ambassador Extraordinary and Plenipotentiary of Azerbaijan to the United Kingdom of Great Britain and Northern Ireland Tahir Taghizadeh told APA's London correspondent.

The ambassador noted that the total value of imports— mainly machinery, stone, plaster, cement, lighting equipment, priceless metal products—between the two countries amounted to $ 45.7 million, while exports amounted to 2.6 million, and these exports were primarily copper and items made of it, oil & gas and so on.

According to the diplomat, in the first quarter of 2018, Azerbaijan’s trade turnover with the UK rose by 16.56 percent.

Similarly, imports and exports also experienced increases of 18.65 percent and 51.05 percent respectively, compared to the corresponding period of 2017, he added.

Taghizadeh noted that currently there are 537 UK companies operating in Azerbaijan.

"These are mainly companies operating industrial, construction, trade, service, banking and insurance, communications and transportation fields," he said. Asked about last year’s figures for mutual investment between the two countries, the ambassador said that UK’s foreign direct investments in Azerbaijan amounted to $1.833 billion.

“Last year UK’s investments in Azerbaijan’s oil sector amounted to $1.772 billion and in the non-oil sector to $61 million,” Taghizadeh said, noting that the UK remains Azerbaijan’s top investor.

The ambassador added that Azerbaijan’s foreign direct investments in the UK in 2017 amounted to $66.4 million – $1.1 million in oil sector, $65.3 million in non-oil sector.