A delegation comprising executives from 11 Azerbaijani banks, under the leadership of the Governor of the Central Bank of Azerbaijan, embarked on a mission to the United States.
Organized by the U.S.-Azerbaijan Chamber of Commerce (USACC), a Washington, D.C.-based trade association, in partnership with Azerbaijan Banks Association, this mission aimed to foster ties between financial institutions on both sides of the Atlantic, igniting avenues for bilateral trade, regional collaboration.
Traditionally known for its role in Azerbaijan’s oil sector, the American business community is now witnessing “a diversification of interests into non-oil domains such as agriculture, green energy, technology, and tourism.”
Leveraging this shifting landscape, the delegation engaged in discussions with the U.S. Government and private banking entities to explore “opportunities for synergy.”
Taleh Kazimov, Governor of the Central Bank of Azerbaijan said:
“The meetings provided valuable opportunity to discuss mutual interests and explore avenues for enhanced economic cooperation between Azerbaijan and the United States. I firmly believe that this dialogue reaffirmed our commitment to strengthening bilateral ties and fostering economic growth.”
During the discussions with counterparts like the U.S. EXIM Bank and Development Finance Corporation (DFC), the “role of commercial banks in fostering trade and commerce between the two nations was underscored.”
With Azerbaijan set to host the COP29-UN Climate Change Conference in Baku- capital city of Azerbaijan, discussions also “revolved around bolstering collaborative efforts in sustainable and green finance initiatives.”
The COP29 in Azerbaijan is poised “to attract a broader array of U.S. companies, technologies, and solutions, further enhancing bilateral ties.”
Assistant Secretary of Commerce Arun Venkataraman following the meeting with the Governor of the Central Bank of Azerbaijan:
“It was a pleasure to meet Governor Kazimov and Ambassador Ibrahim for discussions on the U.S.-Azerbaijan commercial relationship. U.S. private-sector interest in Azerbaijan continues to grow, and important convenings like COP29 present fantastic opportunities to broaden the horizons of our commercial ties and advance shared climate objectives.”
Representing an 80% of Azerbaijan’s banking industry, the delegation reaffirmed their commitment to bolstering trade relations between Azerbaijan and U.S. enterprises by facilitating trade financing.
Their visit marks a key step towards fostering “enduring partnerships and unlocking the full potential of transnational commerce between the United States, Azerbaijan and broader region in Central Eurasia.”
It’s worth noting that Azerbaijan has ka relatively strong economy with the nation’s fiat currency, the Manat (AZN), maintaining a strong/steady 1.7 Manat to 1 US dollar exchange rate. In addition to being a high-growth economy, the country with Baku in particular, provide a very high quality of living at a really affordable cost for individuals and business organizations.
In general, Baku is one of the most business-friendly regions that’s situated strategically with ties to Turkey and Pakistan as well. The country also has a pleasant climate and most services are easily accessible and very affordable, especially when compared to the exorbitant prices consumers have to pay in most European nations. Real estate markets and public transport systems in Baku are also highly advanced when compared to international standards.
