China ramps up investment in Azerbaijan, driving new energy, transport growth
Chinese investment in Azerbaijan is expanding rapidly as the two countries deepen cooperation in new energy and infrastructure, Chinese Ambassador to Azerbaijan Lu Mei said at her annual press conference in Baku on Thursday, News.Az reports.
“Investment, economic, and technological cooperation between our countries is developing dynamically,” Lu said. She noted that Chinese companies are carrying out projects across construction materials production, retail trade, the automobile industry, and photovoltaic power plants.
The first 50 electric buses produced at the BYD plant in Azerbaijan have already been delivered. By the end of the year, the plant plans to produce 300 buses for operation in Baku, Nakhchivan, and Karabakh, further expanding access to environmentally friendly transport, the ambassador added.
Cooperation in new energy is also advancing rapidly. Several Chinese companies have signed agreements with Azerbaijan on five projects with a total capacity of 1,570 MW in solar and wind energy. “Once these projects are fully commissioned, Azerbaijan’s renewable energy generation capacity will double. The first large-scale 240-MW wind project involving Chinese participation is expected to begin operation this year,” Lu said.
Chinese firms also plan to build a 3-GW solar panel production plant in the Alat Free Economic Zone, which will support the development of Azerbaijan’s high-tech processing industry.
Transport infrastructure cooperation is strengthening as well. From January to November, 351 trans-Caspian freight trains were dispatched from China to Azerbaijan, a 34 percent increase from last year. “For the first time, trains were dispatched via the trans-Caspian route from the cities of Jinhua, Yiwu, Beijing, and Shenzhen. Chinese goods have become the largest source of cargo for the Middle Corridor,” Lu said.
The ambassador added that China is committed to continuing high-level cooperation with Azerbaijan under the Belt and Road Initiative and supporting the country’s transformation into a regional transport hub.
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