Qatari official: GCC countries and Azerbaijan have prospects for mutual investment

The Gulf Cooperation Council (GCC) countries and Azerbaijan are witnessing promising opportunities for partnership and mutual investment in key sectors of their economies, including energy, mining, petrochemicals, tourism, SMEs, food and agriculture, and food security-related strategic projects, Mohammed bin Hassan Al Malki, Undersecretary of the Ministry of Commerce and Industry of Qatar, said at the 2nd Azerbaijan-GCC Economic Forum held in Baku, Report informs.

At the event organized by the Azerbaijan Export Promotion Agency (AZPROMO) with the support of the Ministry of Economy, the Qatari official emphasized that the strategic partnership between Azerbaijan and GCC states is growing. He stressed that this cooperation is based on mutual trust and benefits.

“The high-level relations and fruitful cooperation between the parties are reflected in the volume of trade exchange, which has more than doubled in recent years. Trade relations, which amounted to approximately $612 million in 2015, increased by 194% to reach $1.8 billion in 2023. "By leveraging the existing opportunities between GCC states and Azerbaijan, we can take these relations to new levels of development,” Al Malki stated.

The Qatari official noted that efforts are being made to expand cooperation in crucial areas such as food security, agriculture, renewable energy, industry, logistics, and transportation. "This will enable the private sectors of GCC and Azerbaijan to actively work towards establishing successful and diverse investment partnerships. It will also support our mutual efforts to achieve sustainable development goals and promote trade exchange between our countries. We are eager to collaborate with our partners in Azerbaijan in these areas, which will help realize our common objectives,” he added.