BCCI chief calls for enhancing GCC-Azerbaijan economic relations

Manama, Mar. 15 (BNA): Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), and Chairman of the Federation of GCC Chambers, Sameer Nass, today took part in the 2nd GCC-Azerbaijan Business Forum themed “Working Together for the Private Sector”, which was held virtually with the participation of business owners from the GCC countries and the Republic of Azerbaijan. In his opening remarks, Nass praised the high-level diplomatic ties between the GCC countries and Azerbaijan, calling for consolidating efforts to boost the modest trade volume between both sides which amounted to 83 million U.S Dollars in 2018. He shed light on the similarities of the economic composition of the GCC countries and Azerbaijan, as oil and gas constitute the main contributor to their Gross Domestic Product (GDP), similarly the policies to diversify sources of income and expand business relations. Nass shed light on the size of the GCC economy, which reached 1.6 trillion U.S dollars in 2019, its top rank in oil and gas production, calling for reinforcing liaison between business owners and promoting investments in food security projects, renewable energy and tourism. The Riyadh-based Ambassador of Azerbaijan to Bahrain, Shahin bin Shaker Abdullayev voiced pride in the high-level diplomatic relations between Arab and Islamic countries and Azerbaijan, recalling with pride the standing of GCC countries in support of Azerbaijan’s sovereignty and territorial integrity. He touched upon the economic reforms in his country, which augmented the privileges to foreign investors and enhanced the attractiveness of Azerbaijan as a favourable destination for investors, stressing the keenness of his country on boosting business collaboration with the GCC counties. The forum exhibited distinctive features of the business environment in the GCC countries, incentives to foreign investors, and major projects and happenings in the region. It also highlighted investment and partnership opportunities. Similarly, investment opportunities in Azerbaijan were highlighted, and the role of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) was underlined. The forum was concluded by outlining recommendations that aim at invigorating business cooperation between the GCC countries and Azerbaijan, which include forming a joint taskforce, exchanging business delegations, holding joint business functions, and signing agreements to encourage knowledge sharing. It is worth mentioning that the forum was organised jointly by the Federation of GCC Chambers and Azerbaijan Export and Investment Promotion Foundation (AZPROMO), and aimed at identifying opportunities, and consolidating effort to foster business between GCC countries and Azerbaijan.