(MENAFN - Emirates News Agency (WAM)) Dubai Chamber of Commerce and Industry will open its second overseas representative office in Azerbaijan by the end of this year in order to explore commercial opportunities in Central Asia and the Caucasus.
Dubai's leading business organisation intends to use the satellite office as a window to the region and hopes to build closer ties with countries including Kazakhstan and Georgia.
The news follows an announcement last week that Dubai Chamber will open an office in the Ethiopian capital city Addis Ababa also by the end of 2012.
Hamad Buamim, Director General, Dubai Chamber, said the new office in Baku was part of the organisation's strategic plan to introduce its members to opportunities in new emerging markets.
Speaking in Baku during a delegation visit by Dubai Chamber and UAE officials, he said: "We have identified Central Asia as a key market for our members. We can see the potential for new business opportunities in Azerbaijan, Georgia, Kazakhstan and other countries in the region and feel that Baku is an ideal base to expand our operations in this part of the world.
"At the same time, Dubai is an excellent re-export hub and a logical base for traders from Central Asia to reach major consumer markets in the Middle East and Africa, and this is something we want to promote through the Azerbaijan office," he said.
Buamim added: "Our delegation visit to Baku has been organiseed in collaboration with the UAE Ministry of Economy, who played an important role in making things happen and we are grateful for their continued support in helping to promote Dubai business." Mohammed Al Shihhi, Undersecretary of the UAE Ministry of Economy, who led the delegation, said: "The opening of a Dubai Chamber office in Baku comes as a result of the efforts of the UAE-Azerbaijan Joint Economic Committee. It is a great achievement which supports the objectives of the committee in strengthening the relations between our the two countries in investment and trade.
"The Ministry will support Dubai Chamber to finalise all the legal procedures to open the office during the next meeting of the committee which will be held in the UAE towards the end of this year," he said.
During the delegation visit, meetings with key Azerbaijani business leaders and officials were arranged with the support of the UAE Ministry of Economy and the Azerbaijan Ambassador to the UAE, Elkhan Gahramanov and the UAE Ambassador to Azerbaijan, Salem Khalifa Al Eghfeli.
Delegates met with Shahin Mustafayev, Azerbaijani Minister of Economic Development; Elmar Maharram Oglu Mammadyarov; Azerbaijan Minister of Foreign Affairs; and Toghrul Musayev, Azerbaijan Deputy Minister of Justice, who each offered their support for the office.
Delegates also met with Adil Mammadov, President of Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Rovshan Najaf, Deputy Executive Director, the Azerbaijan Investment Company (AIC), to discuss the plans. Mammadov spoke about AZPROMO's offices in Georgia and Vienna and offered his organisation's full support in assisting Dubai Chamber with establishing their office in Azerbaijan.
AZPROMO also said they were interested in creating the necessary awareness about Azerbaijan in the UAE, and Dubai in particular, and would like to work closely with Dubai Chamber to achieve this goal.
