Azerbaijan set to boost non-oil sector with export missions to Saudi Arabia, UAE

Azerbaijan is planning to send export missions to Saudi Arabia and the UAE, with preparations for these missions already in progress.

The announcement was made by Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency (AZPROMO), Caliber.Az reports via domestic media.

The missions are anticipated to take place in the second half of the year, although the specific cities to be visited have yet to be determined. Abdullayev highlighted that an upcoming meeting of the Azerbaijan-Saudi Arabia intergovernmental commission will be held soon, during which a roundtable discussion on investment opportunities will be organised.

In terms of trade relations, Azerbaijan’s trade turnover with Saudi Arabia in the first quarter of this year amounted to $11.1 million, marking a significant 56.2% increase compared to the same period last year. However, during this period, Azerbaijan's exports to Saudi Arabia dropped by 49.3%, totalling $0.5 million, while imports from Saudi Arabia rose by 73.3%, reaching $10.6 million.

AZPROMO, which was founded in 2003 by the Ministry of Economy of Azerbaijan, is tasked with facilitating non-oil exports and attracting foreign investments to Azerbaijan's non-oil sector. It operates on a 'single window' principle to provide comprehensive services to investors.

In July 2021, AZPROMO was formally reorganised by presidential decree, transitioning from a foundation into an agency. Its objectives include organising international events to promote Azerbaijan’s non-oil sector, raising awareness of Azerbaijani products in foreign markets, and supporting foreign companies interested in the country’s investment climate.

AZPROMO plays a key role in facilitating networking with local businesses and encouraging the development of Azerbaijan's non-oil sector, aligning with the goals set by the country's leadership to diversify its economy.