The Federation of Gulf Cooperation Council (GCC) Chambers is scheduled to organize the second edition of the Gulf-Azerbaijan Economic Forum on September 25, under the theme “Sustainability, Investments, Partnerships,” in Baku.
The two-day forum aims to boost economic relations between the two sides in several promising economic sectors.
The event, supported by Azerbaijani Minister of Economy Mikayil Jabbarov, is organized in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the GCC General Secretariat. The goal is to boost economic cooperation in several key sectors.
Azerbaijan’s Ambassador to Saudi Arabia, Shahin Abdullayev, mentioned efforts to improve land and rail transport links with Russia and Iran, noting that this could become a significant area of cooperation with the Gulf region. He believes the forum will help strengthen ties between Azerbaijan and the GCC.
Speaking to Asharq Al-Awsat, Abdullayev also highlighted the strong relationship between Azerbaijan and the Gulf countries, especially with Saudi Arabia.
He noted ongoing efforts to enhance cooperation in areas like renewable energy, agriculture, food, and tourism.
The diplomat also revealed that the Azerbaijani government is also working on waiving visa requirements for Saudi citizens, as it has already done for Qatar and the UAE.
The ambassador pointed to the success of Saudi Arabia’s ACWA Power as an example of fruitful investment in Azerbaijan and expressed optimism about future partnerships.
He expects increased air travel and tourism as visa processes become easier, which would benefit both economies.
President of the Federation of GCC Chambers Faisal bin Abdullah Al-Rawas noted that the forum reflects the importance of enhancing and developing trade relations between the GCC countries and Azerbaijan and increasing the volume of trade exchange between the two sides.
He pointed out that the forum will showcase key investment opportunities and joint projects in several economic sectors, including food security and agriculture, renewable energy, logistics, and transportation, as well as sectors that support the growth of trade and investment between the two sides.
Al-Rawas added that the trade exchange volume between the GCC countries and Azerbaijan reached $1.8 billion in 2023, and Gulf investments in Azerbaijan amounted to approximately $7 billion.
He noted that Azerbaijan’s economic capabilities have led the federation to focus on holding such joint events.
Azerbaijan’s GDP is around $72.4 billion, with foreign trade exceeding $51 billion.
