Azerbaijan calls on Arab Gulf States to develop economic ties

  20 October 2017    Read: 390
Azerbaijan calls on Arab Gulf States to develop economic ties

The Gulf Cooperation Council (GCC) countries invested about $1.3 billion in Azerbaijan's economy, Azerbaijani Economy Minister Shahin Mustafayev said at a joint business forum with representatives of the GCC member countries in Baku Oct 20.

These investments mainly come from the UAE, Saudi Arabia and Bahrain, the minister said.

“At the same time, Azerbaijan invested almost $300 million in the economies of the GCC countries,” he added.

Mustafayev noted that about 280 companies, chiefly from Kuwait, Bahrain, Qatar and Saudi Arabia, operate in Azerbaijan.

“Azerbaijan is a country favorable for investments. First and foremost, thanks to political stability, security and understanding between the authorities and the people,” the minister said.

He added that at the same time, economic cooperation should be based on strong political ties.

“Azerbaijan pays a lot of attention to the development of political ties with the GCC countries. Our political relations are very strong, have great prospects and are based on friendships,” he said, adding the level of economic cooperation between the countries should also be raised as there is great potential that has not been fully used.

Mustafayev noted that although the trade turnover between Azerbaijan and the GCC states has been growing in recent years, it is still at a low level – it amounted to more than $40 million in January-August 2017.

“This is a very low figure, given that the population of the GCC countries is about 40 million people and total GDP is about $1.36 trillion,” he added.

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