Azerbaijan, Oman to establish Investment Working Group

It has been decided to establish a Working Group on Investment between Azerbaijan and Oman.

Report informs that representatives of the private sector from both countries will be involved in the activities of the Working Group.

This decision was made during the Azerbaijan-Oman business roundtable focused on investment and trade cooperation as part of Azerbaijani Economy Minister Mikayil Jabbarov's visit to Oman.

Mikayil Jabbarov highlighted Azerbaijan's business and investment opportunities and the main directions that Omani investors could benefit from. It was noted that Azerbaijan's economic potential is increasing as it becomes an important transport and logistics center in the new reality, opening new opportunities for strengthening regional integration.

It was emphasized that one of the priorities of joint activities is to strengthen business relations with promising projects that serve common interests, diversify the two countries" economies, and strengthen regional partnership. The meeting noted the importance of organizing experience exchange on the "SME Houses" model, supporting solutions that accelerate the green energy transition, and joint initiatives in the field of digital transformation.

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, noted the great potential for further expansion of economic relations between Oman and Azerbaijan. It was stated that deepening partnership in energy, investment, tourism, infrastructure, and high technologies serves the sustainable development goals of both countries.

At the event, it was decided to establish an Azerbaijan-Oman Working Group on Investment for the development of investment cooperation. Representatives of the private sector from both countries are planned to be involved in the activities of the Working Group.

At the Azerbaijan-Oman business roundtable, Yusif Abdullayev, Executive Director of AZPROMO, and Juhaina Al Balushi, representative of the Invest Oman platform, made presentations about the business and investment environment of the two countries. A Memorandum of Understanding on cooperation between the Small and Medium Business Development Agency (SMBDA) and the Oman Chamber of Commerce and Industry (OCCI) was also signed during the event.

During the meeting with Mohammed Al Habsi, Chief Executive Officer of Oman Investment Bank, issues of expanding economic and financial cooperation between Azerbaijan and the Sultanate of Oman, diversification of mutual investment relations, and development of partnership in the banking and financial sector were discussed.

The transition of financial and investment cooperation to a new stage, as well as the establishment of the Azerbaijan-Oman Direct Investment Fund, was assessed as an important step in this direction.

The parties noted the importance of establishing modern production infrastructure, promoting public-private partnerships, and implementing mechanisms supporting the transition to a sustainable economy. They stated that the formation of joint projects and investment funds between financial institutions will contribute to the deepening of regional economic relations.

During the meeting, opportunities for joint activities in areas of mutual interest were reviewed.

During the meeting with Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, an exchange of views was held on the current state and prospects for expanding economic cooperation between Azerbaijan and Oman. The parties emphasized the importance of expanding initiatives to diversify bilateral trade relations, increase trade turnover and mutual investments, and create cooperation platforms between businesspeople.

It was noted that there are extensive opportunities for cooperation in the formation of modern trade and industrial zones, digitalization of government services, promotion of innovations, and development of e-commerce.

The meeting also discussed the expansion of cooperation in the industrial field between the two countries and the development of small and medium entrepreneurship.