Azerbaijani and UK ministers highlight economic ties during UK meeting

Azerbaijani Energy Minister Parviz Shahbazov and the UK’s Exports Minister, Gareth Thomas, have praised economic relations between the two countries, during a meeting in London.

Wednesday’s meeting was part of the Azerbaijan-UK Intergovernmental Commission, which focuses on bilateral economic cooperation.

During the meeting, both sides claimed that the UK was the largest foreign investor in Azerbaijan.

Shahbazov noted that the UK Export Credit Agency (UKEF) would provide Azerbaijan with £5 billion ($6.6 billion) in loan guarantees for UK exports to Azerbaijan.

Thomas praised the UK’s relations with Azerbaijan.

‘Today’s deals with Azerbaijan will allow for an even closer working relationship between our two nations. Our plan for change to drive economic growth is at the heart of these agreements, boosting exports and services across the energy, infrastructure and education sectors’, he said.

‘Azerbaijan has for decades been a key partner for many of the UK’s sectors, and these deals will solidify that for years to come.’

In his own remarks, Shahbazov highlighted that the ‘UK retains the status of the largest foreign investor in Azerbaijan with an investment of more than $37 billion’. The bulk of that figure — $35 billion — comes from the UK-based energy giant BP. While not explicitly stated, the total likely refers to investments across the decades of Azerbaijan’s independence.

The Azerbaijani readout of the meeting concluded with the announcement that the eighth such meeting would be held in 2026 in Baku.

Successive UK governments have faced scrutiny over the country’s economic ties to Baku, coming under pressure from some quarters to do more to advocate for human rights in the country.

In August 2024, a group of cross-party British lawmakers signed a letter calling for the release of Gubad Ibadoghlu, an imprisoned Azerbaijani economist and opposition figure who resided in the UK prior to his arrest.

In December, members of the UK’s upper house of parliament were accused of ‘legitimising’ the Azerbaijani government after accepting free trips to the country and speaking positively about the conduct of Azerbaijan’s elections.

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OC MediaYousef Bardouka