(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 20
By Azad Hasanli – Trend:
Arab countries of the Persian Gulf and Azerbaijan may create a joint investment fund.
This proposal was made by Abdul Rahim Hassan Al Naqi, secretary general of the Federation of Chambers of the Gulf Cooperation Council (GCC).
Addressing the joint Azerbaijan-GCC business forum in Baku Oct. 20, Al Naqi noted that the fund can help strengthening the cooperation and stimulate the investment flow between countries.
Currently, Caspian International Investment Company (CIIC) operates in Azerbaijan that was co-founded by the Islamic Corporation for the Development of the Private Sector (ICD, a part of the Islamic Development Bank group).
The investment company, which has been operating since 2008, invests funds in the real sector of the economy on the basis of Islamic law principles (Shariah), with the exception of oil and gas production. Moreover, Azerbaijan and Qatar are currently working to create a joint investment fund.
Baku is hosting a business forum between Azerbaijan and Gulf Cooperation Council. A delegation representing 100 Arab companies arrived in Baku to participate in the business forum.
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