Azerbaijan is ready to share its renewable energy expertise with Ecuador, with the sector being one of the most promising areas for cooperation between the two countries, Azerbaijani Deputy Foreign Minister Elnur Mammadov has stated.
In an interview with Ecuadorian agency Expreso, Mammadov said Azerbaijan is implementing large-scale projects and making major investments in the construction of solar and wind power plants, while Ecuador is mainly focused on hydroelectric power plants, Caliber.Az reports.
“We want to share this knowledge and best practices with you,” deputy minister stressed.
He added that green energy is an important issue not only for Ecuador, but also for Azerbaijan, given the global need to move away from fossil fuels.
“This is an absolute priority on our agenda. We hosted COP29 precisely because we wanted to become one of the global leaders in the fight against climate change,” he noted.
Mammadov also said, during his working visit to Ecuador earlier this month, he discussed possible cooperation between the State Oil Company of Azerbaijan (SOCAR) and Petroecuador.
“We believe that through this channel the sides will be able to develop several joint projects of significant importance,” he added.
According to Mammadov, the parties first considered the possibility of negotiations on an investment agreement aimed at the mutual protection of investments.
“Given that these are large-scale macroeconomic decisions and the geographical distance is considerable, such markets require a certain adaptation period. In this regard, we considered the possibility of launching negotiations on a Bilateral Investment Treaty, since capital requires legal protection in order to function fully. Energy, as I already mentioned, is one of the areas we identified as highly promising for cooperation,” he emphasised.
By Bakhtiyar Abbasov
Source: caliber.az
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