There is a great potential for development of economic relations between Azerbaijan and the Cooperation Council for the Arab States of the Gulf. However, the opportunities were not sufficiently used.
Minister of Economy Shahin Mustafayev said at the business forum of Azerbaijan-Cooperation Council for Arab States of the Gulf in Baku.
Minister said that the volume of trade turnover between Azerbaijan and Council countries in 2016 made $ 86 mln: "This figure has doubled to $ 40 million over 8 months in 2017. The Gulf states have a population of over 45 million and GDP makes $ 1.36 trillion".
Speaking about investments, minister noted that total volume of investments by the Gulf countries in Azerbaijan amounted to $ 1.3 bln: The UAE, Saudi Arabia, Bahrain are leaders in terms of amount of investments. Azerbaijan has invested $ 300 million in the Gulf countries. Currently, 280 companies of Kuwait, Oman, Qatar and Saudi Arabia operate in Azerbaijan".
Also, Sh. Mustafayev invited the Gulf countries to jointly enter markets of third countries. The minister said that Azerbaijan is ready to provide great support to be represented in the CIS market.
report.az