Muscat – Gulf Cooperation Council and Azerbaijan have adopted a joint action plan for 2024-2028 and signed a memorandum of understanding (MoU) to enhance coordination in export and investment promotion.

These developments were announced during the second edition of the GCC-Azerbaijan Economic Forum held in Baku last week. Organised by Federation of GCC Chambers in collaboration with Azerbaijan’s Export and Investment Promotion Agency, the forum focused on ‘Sustainability, Investments and Partnerships’.

Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry and head of Federation of GCC Chambers, highlighted the importance of unified economic goals. “The GCC’s integration programmes aim to develop the private sector and stimulate investment in key opportunities. This has helped Gulf products enter approximately 195 global markets, including Azerbaijan,” he informed.

According to Khaled al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC Secretariat, the action plan seeks to strengthen strategic ties. “This plan will focus on areas that can enhance long-term cooperation between the two sides,” he said.

The MoU between the Federation of GCC Chambers and Azerbaijan’s Export and Investment Promotion Agency covers various fields and aims to boost collaboration on investment projects. It also includes initiatives for promoting exports, sharing information and supporting joint research and trade activities.