The 2nd Azerbaijan - Gulf Cooperation Council (GCC) Economic Forum discussed issues of developing cooperation and signed a Memorandum of Understanding between AZPROMO and the Federation of GCC Chambers of Commerce (FGCCC).

With the support of the Ministry of Economy and the organisation of the Export and Investment Promotion Agency of the Republic of Azerbaijan - AZPROMO, the Azerbaijan-GCC Economic Forum was held.

During the forum, business circles of the Gulf countries received information on the business environment in Azerbaijan and discussed reforms carried out in our country, and opportunities for expanding cooperation. Deputy Minister of Economy Anar Akhundov, Advisor to the Ministry of Trade and Industry of Qatar Mohammad bin Hassan Al Malki, Assistant for Economic and Development Affairs of the General Secretariat of the Gulf Cooperation Council (GCC) Khalid bin Ali Al Sunaidi, Chairman of the Federation of Gulf Chambers of Commerce (FGCCC) Sheikh Faisal bin Abdullah Al Rawas, heads of relevant institutions, and businessmen participated in the forum.

The Forum underlined the high level of political relations between the member states of the Organisation and Azerbaijan, mutual respect and the successful development of friendly relations, as well as the importance of high-level reciprocal visits for the development of relations.

It was noted that cooperation with the countries of the Persian Gulf is important from the point of view of diversification of Azerbaijan's economy and effective implementation of investment opportunities. Initiatives to develop energy, trade, and infrastructure make a significant contribution to regional stability and prosperity. At present, economic relations between Azerbaijan and the Gulf countries are developing based on mutual interests.

The favourable business climate created in Azerbaijan and the attractive opportunities created for foreign investors, as well as the applied tax and customs privileges, are constantly increasing the interest of foreign investors in our country. Successful joint projects with foreign investors are being implemented in many areas such as renewable energy, industry, agriculture, tourism, transport, logistics, and digitalisation.

A Memorandum of Understanding on cooperation between AZPROMO and the Federation of Gulf Chambers of Commerce and Industry (FGCCC) was signed at the forum. The document reflects the issues of cooperation between AZPROMO and FGCCC in promoting mutual activities for the development of economic relations, supporting the attraction of mutual investments, and organising economic forums, exhibitions, and trade missions.

As part of the event, panel discussions were held on "Cooperation in the field of renewable energy, clean energy, electricity, and water resources," "Strategic partnership between the PG countries and Azerbaijan in the field of agriculture, food security, and food industry," and "Challenges and opportunities in the field of transport and logistics."

The economic forum included presentations and bilateral meetings between businessmen and discussed issues of expanding cooperation.