The National Confederation of Entrepreneurs (Employers’) Organizations of the Republic of Azerbaijan (ASK) and the Federation of Chambers of the Gulf Cooperation Council (FGCCC) signed a Memorandum of Understanding on January 25.

The main objective of signing the MoU is to create opportunities for the members of the Federation of Chambers of the Gulf Cooperation Council (GCC) and Azerbaijani entrepreneurs to promote trade and investment, develop mutually beneficial trade and economic relations among respective business communities and cooperate in establishing trade and industrial relations.

The President of ASK Mammad Musayev, emphasizing the significance of the Memorandum for both sides in the future, stated that there are 280 companies from Gulf countries currently operating in Azerbaijan, adding that $ 1.3 billion had been invested in Azerbaijan by Gulf countries and $ 300 million by Azerbaijan in Gulf countries, and he said that trade turnover between Azerbaijan and Gulf countries was $ 86 million in 2011 and $ 40 million over the eight months of 2017.

1. Musayev noted that GCC countries are a significant marketplace for the export of Azerbaijani agricultural products. Export missions to several Gulf countries have already been arranged, and Azerbaijani products are sold in large trading networks of the GCC countries. There is also a great interest towards products produced in Azerbaijan. In addition, GCC member countries can use transit capacities of Azerbaijan, and the businessmen of these countries can establish manufacturing enterprises using favorable conditions in the industrial parks operating in our country.

Secretary General of the FGCCC, Abdulrahim Nagi stated The Gulf Cooperation Council, which includes Kuwait, Bahrain, Saudi Arabia, Qatar, the United Arab Emirates and Oman, is an intergovernmental regional political and economic association established on May 25, 1981. FGCCC, which was established on October 14, 1979 in Saudi Arabia, is considered to be the largest organization that unites 40 Chambers of commerce and industry and federations of the Gulf countries.

After the statements of parties, The Memorandum of Understanding was signed.

In accordance with the Memorandum of Understanding, both organizations undertake efforts to promote trade and investment, including economic, scientific and technological cooperation between relevant business communities, and promote the expansion of trade and economic relations.

The memorandum envisages the mutual support of the parties during the organization of national, international and specialized exhibitions, conferences, as well as training courses in both regions in order to develop and expand mutual economic cooperation.