A Gulf-Azerbaijan forum has stressed the importance of supporting private sector initiatives in the field of food projects and technical industries and bolstering import, export, tourism and health.
The Gulf Cooperation Council (GCC)-Azeri Business Forum kicked off on Monday in al-Khobar, eastern Saudi Arabia.
The forum stressed the need to establish GCC-Azeri e-platforms, especially for investors and business people, to enable them to facilitate the registration of commercial companies and identify the available investment opportunities.
The Federation of the GCC Chambers, in cooperation with the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) organized the forum, which offered a package of proposals and recommendations.
These included promoting channels of dialogue and communication between GCC states and Azerbaijan to bolster cooperation in economic, trade and investment activities and holding an exhibition for GCC and Azeri products.
The Forum aimed to introduce the services and investment opportunities provided by both sides to the business sector in their countries, as well as future projects.
Chairman of the Federation of GCC Chambers Sameer Nass highlighted the need for more joint bilateral work, especially since the trade exchange figures between both sides are considered modest.
In 2018, the value of trade exchange was estimated at $83 million, of which $55 million were from Gulf exports, and only $28 million from Azerbaijan’s exports, Nass noted.
He explained that all GCC countries pursue long-term development visions to diversify their economies by relying more on the private sector and giving it a greater role in implementing their visions.
“They work on creating partnerships with the private sector, entrusting it to implement large projects, privatizing programs and generating new activities in which the private sector can invest.”
Nass pointed to the volume of the GCC economy that amounted to $1.6 trillion in 2019, while the per capita gross domestic product reached $30,000.
These economies also occupy strategic importance among the world’s economies, being the first source of oil by about 17 million barrels per day, he added.
Secretary-General of the Federation of GCC Chambers Dr. Saud al-Mashari said the federation looks forward to develop the partnership with Azerbaijan and rise to the level of multiple bilateral ties.
He noted that Azerbaijan is currently experiencing a great renaissance in the economic, commercial, agricultural and tourism fields.