Baku: David Reed MBE, His Majesty's Trade Commissioner for Eastern Europe and Central Asia, recently attended the 31st Baku Energy Week, where he engaged in discussions on the evolving UK-Azerbaijan economic relations. In an exclusive interview with AZERTAC, Reed elaborated on the economic partnership's current status, potential cooperation opportunities beyond the energy sector, and the increasing interest of British companies in Azerbaijan's various sectors.
According to Azerbaijan State News Agency, Reed emphasized the strategic importance of the UK-Azerbaijan economic relationship, which has been built over three decades of trade, investment, and cooperation. Bilateral trade currently stands at nearly £1 billion, making the UK the largest investor in Azerbaijan. British companies are actively participating across numerous sectors, including energy, infrastructure, financial services, technology, and aviation. Reed noted that while energy remains a cornerstone of this relationship, there is a significant shift towards broader cooperation, with emerging opportunities in digital infrastructure, aviation, transport, and capital markets.
Reed also highlighted the growing interest of British businesses in non-energy sectors in Azerbaijan. The UK has been a key player in Azerbaijan's energy sector, with companies like bp playing a central role for the last 30 years. However, there is an increasing focus on clean energy, with around 50 UK companies involved in solar energy, offshore wind, and grid modernization. Reed's discussions with SOCAR Green and other partners underscored Azerbaijan's ambitions in renewable energy, viewing the UK as a trusted partner to achieve these goals. Additionally, the UK is looking to expand its cooperation in aviation, technology, and digital infrastructure, with companies like Entrust and Nscale poised to contribute to Azerbaijan's growth.
During his visit, Reed observed a strong sense of ambition and partnership between the UK and Azerbaijan. He noted Azerbaijan's strategic position as a bridge between Europe and Asia, with burgeoning opportunities in logistics, connectivity, and infrastructure. His meetings with key stakeholders such as bp, SOCAR Green, Silk Way Group, and various government ministries focused on practical discussions about projects, financing, and partnerships. Reed expressed confidence in the future of UK-Azerbaijan economic relations, citing the country's ambition, openness, and focus on delivery as key factors that will underpin the continued strengthening of this long-standing partnership.