The State Oil Fund of the Republic of Azerbaijan ("SOFAZ"), China Investment Corporation ("CIC"), Thailand Government Pension Fund, Khazanah Nasional Berhad, Kumpulan Wang Persaraan (Diperbadankan) and Indonesia Investment Authority ("INA") have established the China-ASEAN Joint Investment Council ("CAJIC" or "the Council"). The establishment of the Council was announced at the 26th China International Fair for Investment and Trade ("CIFIT") in Xiamen, China.

Convened by CIC, with CGS International Securities Pte. Ltd. serving as Secretariat, CAJIC brings together sovereign wealth funds and other leading institutional investors to strengthen long-term relationships, exchange investment perspectives and explore opportunities for bilateral and multilateral cooperation across China and Southeast Asia. As a member-led institutional platform, the Council’s activities will focus on three areas: People, through investment forums, roundtables and executive programmes; Insights, through research and knowledge-sharing; and Capital, through separately governed investment initiatives pursued where there is mutual interest.

For SOFAZ, the establishment of CAJIC represents a further step in the evolution of its investment engagement in the region. Building on more than a decade of investment experience in China, the Fund has progressively expanded its institutional relationships with leading Chinese partners. In April 2025, SOFAZ and CIC signed a Memorandum of Understanding that established a strategic framework for deeper investment cooperation, knowledge exchange and the development of mutually beneficial initiatives.

This cooperation moved into a new phase in April 2026, when SOFAZ, CIC and INA jointly established the Galaxy Orientis China-ASEAN Investment Program (CAIP). The sovereign-led private equity platform reached a first close of approximately US$520 million, with a target size of US$1 billion, and is focused on long-term investment opportunities linked to the growing economic and industrial integration between China and Southeast Asia. The Program targets opportunities across sectors including industrials, healthcare, consumer, business services and technology.

CAIP and CAJIC are separate but complementary initiatives. While CAJIC provides a broader institutional platform for developing relationships, sharing insights and identifying areas of cooperation, CAIP provides a jointly governed mechanism through which participating sovereign institutions can deploy capital into specific investment opportunities. Through CAJIC, SOFAZ is also connected with a wider group of sovereign and long-term investors, creating additional channels for market insight, relationship building and the identification of future investment partnerships. CAIP operates under governance arrangements separate from CAJIC.

This progression also has a wider strategic dimension. As the Middle Corridor strengthens physical connectivity between Asia and Europe, Azerbaijan’s position as a link between the two regions is becoming increasingly important. In parallel, SOFAZ’s engagement with leading Asian sovereign and long-term investors is strengthening the financial and institutional ties that complement these physical connections. For SOFAZ, CAIP and CAJIC provide practical channels through which these relationships can develop over time.

As one of the founding members of CAJIC, SOFAZ will contribute its experience as a global institutional investor while continuing to deepen relationships with leading sovereign investment institutions across the region. For a long-term investor, trusted partners, local market knowledge and the ability to invest alongside strong institutions can be as important as access to capital itself. Participation in the Council therefore complements the Fund's long-term approach to portfolio diversification and partnership building, and supports its objective of accessing high-quality investment opportunities through strong institutional networks and aligned long-term capital.