BAKU, Azerbaijan, September 26. Azerbaijan sees great potential for cooperation with the Gulf countries on small and medium-sized business enterprises (SMEs) in key and promising sectors, Deputy Head of the Small and Medium Business Development Agency (KOBIA) Rufat Atakishiyev said, TurkicWorld reports.
He made the remark at a panel regarding cooperation on renewable energy sources, clean energy, electricity, and water projects within the second Azerbaijan-GCC (Gulf Cooperation Council) economic forum in Baku today.
According to him, the forum will be a golden opportunity to rub elbows with financial and other institutions from Gulf countries, soak up their wisdom in backing private companies and orchestrating public-private partnerships, and chew the fat about joint cooperation programs.
Atakishiyev noted that on September 30, Baku will host an international climate week, during which large-scale consultations will take place among companies from different countries regarding the necessary steps to combat climate change.
"We invite companies from Gulf countries to participate in these discussions, as well as in the crucial discussions at the upcoming COP 29," the official emphasized.
He reminded that companies such as Masdar and ACWA Power are very active in the country, and there are opportunities to attract other companies from the Gulf as well.
Besides, Atakishiyev mentioned that KOBIA works with contractors and subcontractors involved in the energy and water sectors and sees opportunities for creating joint ventures with Arab partners and organizing startups.
He expressed confidence that Azerbaijan values the experience of Gulf countries not only in the field of fossil fuels but also in the development of renewable energy sources, new technologies, and climate solutions.
The official also highlighted that the private sector’s share in Azerbaijan’s GDP exceeds 70 percent, and further growth is stimulated through tax and customs incentives.
The deputy head of KOBIA added that Azerbaijan plans to increase the share of renewable energy sources in its energy balance to 33-35 percent, mainly through projects by private companies, including those from the Gulf countries.
The forum is also featuring panel discussions themed "Challenges and opportunities in the transport and logistics sectors between Azerbaijan and the Gulf Countries", and "Strategic partnership between Azerbaijan and Gulf countries in agriculture, food security, and the food industry".
