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Azerbaijan's trade turnover with Gulf Cooperation Council member states increased by 28%

Deputy Minister of Economy of Azerbaijan Anar Akhundov

26 September 2024 11:33 (UTC +04:00)

“Especially in recent years, significant growth has been observed in the trade turnover of Azerbaijan with the member states of the Gulf Cooperation Council (GCC). In January-August of this year, our trade turnover with the GCC states has increased by 28% compared to the corresponding period of last year. During this period, our exports have doubled,” Deputy Minister of Economy of Azerbaijan Anar Akhundov said this during his speech at the 2nd economic forum of Azerbaijan - Gulf Cooperation Council member states, APA-Economics reports.

He said that the positive statistical tendency recorded between Azerbaijan and the GCC states is not limited only to trade. Significant growth is also observed in the field of mutual direct investments: “Saudi Arabia's "ACWA Power" company has invested USD 290 million in the establishment of a wind power plant with a production capacity of 240 megawatts of electricity in Azerbaijan and it is planned to be commissioned in 2025. In addition, the 230 megawatt Garadagh Solar Power Plant, the largest solar power plant in the region, was inaugurated in our country with the investment of USD 262 million by the United Arab Emirates company "Masdar".

These projects indicate our energy cooperation, which is ongoing on an upward tendency. In addition, we implement onshore wind energy projects and a Framework Agreement on strategic cooperation enabling the further strengthening of the use of renewable and clean energy potential of Azerbaijan and the export of green energy and an agreement for the implementation of onshore solar and wind projects have been reached in the meeting held between President Ilham Aliyev and the President of the United Arab Emirates Mr. Sheikh Mohamed bin Zayed bin Sultan Al Nahyan in January of this year. These agreements and projects serve the efficient use of renewable energy potential of our country and reflect that our established partnerships are consistent with sustainable and ecologically responsible practices," the deputy minister added.