Oman and Azerbaijan review investment opportunities
The Oman Chamber of Commerce and Industry (OCCI) sent a delegation to the Azerbaijani capital, Baku, to explore ways to strengthen economic, investment and trade cooperation between the Omani and Azerbaijani private sectors.
The visit took place as part of the OCCI’s participation in the second Gulf-Azerbaijani Economic Forum organised by the Federation of GCC Chambers.
The forum's activities began with a visit to the Alat Free Economic Zone in Baku where participants were briefed on the business environment, the incentives offered to investors and the key projects hosted in the zone.
Faisal bin Abdullah Al Rawas, Chairman of the OCCI and President of the Federation of GCC Chambers, noted that there are significant opportunities to increase trade between the GCC countries and Azerbaijan given their strategic locations and proximity to various markets.
He said the visit highlighted the potential for establishing strategic partnerships and leveraging the incentives provided by the free economic zones in both the Gulf and Azerbaijan. These partnerships could facilitate access to new markets for goods.
Mustafa bin Ahmed Salman, a member of the OCCI Board and Chairman of the Chamber’s Finance and Insurance Committee, confirmed that the visit identified available investment opportunities in Azerbaijan and the potential to attract these to Oman through partnerships between business people and investors in both countries.
He pointed out that the opportunities offered by the free economic zones in Oman will help Azerbaijani products reach African, Indian, and Asian markets in addition to GCC states thereby boosting trade exchange rates between the two economies.
Valiye Alasgarov, Chairman of the Alat Free Economic Zone, highlighted the zone’s strategic location near the Baku Commercial Port and global transport corridors.
He explained that the zone seeks to attract foreign investments from various countries, particularly from the GCC, and encouraged stakeholders to take advantage of the incentives offered to launch projects targeting both the Azerbaijani market and neighbouring export markets.
The second Gulf-Azerbaijani Economic Forum took place at the Heydar Aliyev Centre in Baku.
It addressed topics including renewable energy, clean energy, water and electricity and opportunities in the transport and logistics sectors.
The forum also hosted meetings between business owners from the GCC and their Azerbaijani counterparts to explore partnerships that could contribute to enhancing trade exchange between the GCC and Azerbaijan.