Azerbaijan highlights value of its economic diversification via co-op with Gulf nations

BAKU: Cooperation with the Gulf countries is important for diversifying Azerbaijan’s economy and effectively realizing investment opportunities, Trend reports via a joint statement from the Ministry of Economy and the Azerbaijan Export Promotion Agency (AZPROMO) following the second Azerbaijan-Gulf Cooperation Council (GCC) economic forum. ‘The initiatives for the development of energy, trade, and infrastructure discussed at the forum on September 26 contribute significantly to regional stability and prosperity,’ the statement pointed out. The statement expressed Azerbaijan’s confidence that relations with Gulf countries are developing based on mutual interest. ‘The Memorandum of Understanding on cooperation, signed today by AZPROMO and the Federation of Gulf Cooperation Council Chambers, aims to promote mutual activities for the development of economic relations, support the attraction of reciprocal investments, and organize economic forums, exhibitions, and trade missions,’ the statement said. The docum ent also mentioned that tax and customs incentives in Azerbaijan increase the interest of foreign investors in the country. ‘Successful joint projects with foreign investors are being implemented in many sectors, such as renewable energy, industry, agriculture, tourism, transport and logistics, and digitalization. These priority areas were discussed at the Azerbaijan-GCC forum,’ the statement highlighted. To note, the first Azerbaijan-GCC economic forum took place in 2017. Source: Trend News Agency