Economic Aide to First Vice President: Azerbaijan is largest trade partner for US in South Caucasus
Baku, Azerbaijan, April 23
On April 18th, the United States-Azerbaijan Chamber of Commerce (USACC) hosted Dr. Emin Huseynov, Economic Aide to the First Vice President of the Republic of Azerbaijan, for dinner & discussion with USACC member companies and partner organizations, Trend reports citing USACC.
Dr. Huseynov briefed USACC members and partners about the ongoing economic and institutional reforms in Azerbaijan, which, he says, aim to redesign the national economy in order to better serve the people and ensure private sector led growth. With significant business, regulatory and institutional reforms, Dr. Huseynov mentioned, the World Bank’s Doing Business 2019 report ranked Azerbaijan 25th, making it one of the top global reformers among 190 economies in the World. The same dynamic is mirrored in the 2019 Index of Economic Freedom by Heritage Foundation.
Speaking about the bilateral trade and business relations between the United States and Azerbaijan, Dr. Huseynov highlighted that today, Azerbaijan is the largest trade partner for the United States in the South Caucasus region, with $10 bln U.S. investment in Azerbaijani economy, while Azerbaijan’s direct investment in the United States equals $7.6 bln.
He highly praised the importance of the inaugural Illinois-Azerbaijan Agriculture Forum co-organized by the United States-Azerbaijan Chamber of Commerce and Illinois Chamber of Commerce on April 4th, in Chicago, for establishing direct economic and business relations between Azerbaijan and the U.S. States. Executive Director of the International Business Council for the Illinois Chamber of Commerce, Laura Ortega, reiterated the importance of the recent Illinois-Azerbaijan Agricultural Forum in driving bilateral business linkages.
Capacity-building and training programs in various sectors of the economy, institutional cooperation on research and development programs, as well as educational linkages between the two countries were among the major topics throughout the discussions.