BAKU: Organized by the Federation of GCC Chambers, the forum explored potential partnerships across key sectors such as renewable energy, logistics, agriculture, and food industries.

During the discussions, both sides emphasized the importance of collaboration in economic free zones, industrial cities, and ports. His Excellency Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, highlighted Oman’s commitment to guiding its businesses through market entry procedures and providing support for ventures into the Azerbaijani market. He noted that while strong diplomatic ties exist, the economic relationship has yet to reach its full potential.

His Excellency stated that there is a need to intensify joint events to boost trade exchange, revealing that an Azerbaijani trade delegation is set to visit Oman soon to further explore opportunities.

Rashid bin Amer Al Musalhi, First Deputy Chairman of Oman’s Chamber, pointed out promising sectors like tourism, industry, and oil. He also suggested that establishing direct sea and air links between the two nations could elevate bilateral trade and investment cooperation.

Other key figures, including Arej bint Mohsen Al Zaabi and Eng. Ibrahim bin Abdullah Al Hosni, underscored the advantages of closer ties, with a particular focus on digital economy collaboration and expanding market access through strategic geographic locations. Azerbaijani business leaders echoed these sentiments, highlighting the potential for growth and the need to overcome logistical challenges.

As part of a broader cooperation plan between the GCC and Azerbaijan, trade between the two regions has surged, with a 40% growth in 2022, reflecting over $1 billion in trade. Both sides are keen to capitalize on this momentum, exploring new ventures to benefit from global market access.