Baku Hosts Second Azerbaijan-Gulf Cooperation Council Economic Forum (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 26. The second Azerbaijan-GCC (Gulf Cooperation Council) economic forum has been held in Baku, Trend reports.

The event featured panel discussions themed "Cooperation on renewable energy, clean energy, electricity, and water projects", "Challenges and opportunities in the transport and logistics sectors between Azerbaijan and the Gulf Countries", and "Strategic partnership between Azerbaijan and Gulf countries in agriculture, food security, and the food industry".

The speakers included leaders from the Ministries of Economy of Azerbaijan and Qatar, the executive director of AZPROMO, representatives from various bodies of the GCC, and experts from companies in the energy, transport, and agricultural sectors.

Chairman of the Federation of Gulf Countries Chambers of Commerce (FGCCC) Sheikh Faisal bin Abdulla Al-Rawas said that the FGCCC will support the expansion of ties with Azerbaijan.

According to him, it is very important that the Azerbaijan-Gulf Cooperation Council Economic Forum is under the patronage of the Azerbaijani leadership, which guarantees increased attention and progress on the implementation of projects.

“I am confident that the negotiations in Baku will open new opportunities for business development between companies of Azerbaijan and the Persian Gulf countries,” Al-Rawas emphasized.

The Undersecretary of Ministry of Commerce and Industry Mohammed bin Hassan Al Malki noted that energy, transportation, tourism, and agribusiness are among the promising areas of cooperation between Qatar and Azerbaijan.

He spoke in favor of expanding cooperation aimed at increasing the well-being of the people in Azerbaijan and the Persian Gulf countries.

Hassan Al Malki expressed confidence that this forum in Baku will open new opportunities for cooperation in the mentioned sectors.

“This negotiation platform will not only stabilize our partnership but also increase it many times. I am confident that the agreements to be reached during the negotiations in Baku will increase the level of our trade with Azerbaijan,” the undersecretary said.

The executive director of the Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev stressed that new companies from the Persian Gulf countries will be welcomed in Azerbaijan.

“The Persian Gulf countries have invested more than $4 billion in Azerbaijan's economy. Trade turnover between Azerbaijan and the Gulf countries amounted to $75 million," he said.

Abdullayev recalled that during the first forum on economic cooperation between Azerbaijan and the Gulf countries in 2017, the start of projects in Azerbaijan was given to such giants as Masdar and ACWA Power, which have become strategic partners of Azerbaijan.

“I believe that after today's second forum, Azerbaijan's cooperation with Gulf companies will further intensify,” Abdullayev noted.

Azerbaijani Deputy Economy Minister Anar Akhundov said that Azerbaijan's transformation into transit hub will boost relations with the Gulf countries.

"The growing transport and transit capabilities of our country, as well as the regional and international projects being implemented in this area, particularly the Middle Corridor, the Baku International Sea Trade Port, and the Baku-Tbilisi-Kars railway, open up new prospects.

One of the key goals of the Socio-Economic Development Strategy for 2022-2026 is to turn Azerbaijan into a regional transit hub and expand cargo and logistics operations, which will create even more opportunities for cooperation with the GCC countries," he explained.

The deputy minister emphasized that Azerbaijan being chosen as the next host country for COP29 after the UAE presents an excellent opportunity to benefit from the Emirates' experience and strengthen cooperation.

He also added that, tourism ties between Azerbaijan and the Gulf countries have significantly enhanced in recent years.

“The development of tourism infrastructure in Azerbaijan and steps taken to promote tourism have led to significant progress in this field. An increase in the number of direct flights, simplification of visa procedures, and transition to a visa-free regime for some countries have generally strengthened the visit of tourists. The number of tourists visiting Azerbaijan from several Gulf countries has increased by more than 50 percent,” he said.

Furthermore, Akhundov also emphasized the attractiveness of Azerbaijan's business climate for foreign investors.

“The country provides significant tax benefits, which facilitates the implementation of joint projects in areas such as renewable energy, industry, agriculture, tourism, transport, logistics and digitalization. Azerbaijan continues to support its international partners and investors by fulfilling all its commitments,” he added.

The memorandum of understanding between the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the Federation of Gulf Chambers of Commerce has been signed within the forum.

The document envisages the facilitation of mutual activities on the development of economic relations between AZPROMO and Gulf countries, support for the attraction of investments from Azerbaijan to Gulf countries and from Gulf countries to Azerbaijan, as well as the organization of economic forums, exhibitions, and trade missions.

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