AZPROMO: Gulf countries' investments in Azerbaijan's economy exceeds $4 billion

Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), has said that the Persian Gulf countries have invested about $4 billion in Azerbaijan's economy.

“To date, Gulf countries have invested almost $4 billion in Azerbaijan's economy,” Abdullayev said at the 2nd economic forum “Azerbaijan - Gulf Cooperation Council (GCC)”, Caliber.Az reports.

According to him, if in 2017, when the first forum was held, the volume of trade between Azerbaijan and the Gulf countries amounted to $69.5 million, then in 2023 the volume of trade turnover increased 2.5 times and reached $175 million.

“However, the potential has not been fully implemented. I believe that this forum will allow us to reconsider this perspective,” Abdullayev emphasized.

Besides, the forum saw the signing of a Memorandum of Understanding on mutual cooperation by AZPROMO and the GCC Federation of Chambers of Commerce and Industry.

The document was signed by AZPROMO's Yusif Abdullayev and Chairman of the Federation Sheikh Faisal bin Abdullah Al Rawas.

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

By Khagan Isayev