MEB Trade Mission to Azerbaijan: a strategic destination

After Russia in October, the Monaco Economic Board is off again on its conquest of the East leading a delegation of companies on a Trade Mission to Azerbaijan, 6-9 November. Led by MEB Chairman Michel Dotta, the group comprises 45 economic stakeholders representing 30-plus companies operating in a variety of fields[1] and accompanied by the Tourism and Convention Authority.

A highlight is the full day of meetings on Monday between participants from the two countries to better understand the potential for business. Michel Dotta will present the Principality’s many economic advantages, followed by short presentations from each company in the delegation, a pitch designed to rapidly target possible partners and investors. On their side, the Azpromo agency and Azerbaijan Investment Company will outline the business environment and opportunities. Both sides should be well armed with information by the time they start the one-on-one B2B meetings in the afternoon. Lastly, the business rapprochement between the two countries will be formalised by the signing of two Memorandums of Cooperation, one with Azpromo, the other with the Republic of Azerbaijan’s Chamber of Commerce and Industry.

The next day is a chance for entrepreneurs to consolidate the contacts made, and tour facilities and projects symbolic of current levels of investment in Azerbaijan.

This destination was not picked out of a hat: the country enjoys a certain prosperity thanks to its oil reserves that have been exploited for over a century. However, the fall in oil prices has accelerated the process of diversifying the economy, generating some good opportunities for investors.

Azerbaijan is also in a highly strategic location, at a crossroads with three major powerhouses in the region, with whom it has economic, historical and cultural ties: Russia, Turkey and Iran, all three with strong potential.

On this subject, in September, Ludovic Subran, Cheiff Economist at Euler Hermes, talked about this region’s prospects at a conference organised by the MEB. As the business capital of the Caucasus, Baku is an ideal jumping off point for those wanting to expand their business into the region.

For Monaco Economic Board Chairman, Michel Dotta, “Azerbaijan is one of the countries our members have regularly put forward as a destination for a Trade Mission like this one. In view of the advantages enjoyed by this country, it was only natural that we should have validated this option. There are clearly good business opportunities in the region and it’s our role to help Monaco companies take advantage of them.”