WASHINGTON, D.C. – April 22-24, 2024 – A delegation comprising top executives from 11 leading Azerbaijani banks, under the leadership of the Governor of the Central Bank of Azerbaijan, embarked on a groundbreaking 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 stronger ties between financial institutions on both sides of the Atlantic, igniting new avenues for bilateral trade and regional collaboration.
Traditionally renowned for its pivotal 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 high-level discussions with the U.S. Government and private banking entities to explore fresh opportunities for synergy.
“The meetings provided a 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”, says Taleh Kazimov, Governor of the Central Bank of Azerbaijan.
During the meetings 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 poised to host the upcoming COP29-UN Climate Change Conference in Baku- the 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.
“It was a pleasure to meet Governor Kazimov and Ambassador Ibrahim for discussions on the U.S.-Azerbaijan commercial relationship,” said Assistant Secretary of Commerce Arun Venkataraman following the meeting with the Governor of the Central Bank of Azerbaijan. “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 a formidable 80% of Azerbaijan's banking industry, the delegation reaffirmed their unwavering commitment to bolstering trade relations between Azerbaijan and U.S. enterprises by facilitating trade financing. Their visit marks a pivotal step towards fostering enduring partnerships and unlocking the full potential of transnational commerce between the United States, Azerbaijan and broader region in Central Eurasia.
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Source: USACC
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