OREANDA-NEWS. October 08, 2009. UK/Azerbaijan business is set to grow with the establishment of the Britain Azerbaijan Business Council (BABC) in London. Chaired jointly by The Rt Hon Lord Howell of Guildford and Mr Jahangir Hajiyev, Chairman of the International Bank of Azerbaijan, the newly established Council seeks to promote trade and investment between the UK and Azerbaijan, operating through a close partnership between the UK-based Middle East Association and the International Bank of Azerbaijan.

The UK is the largest foreign investor in Azerbaijan, largely by virtue of BP’s investment in the oil sector, and UK exports to Azerbaijan continue to grow strongly, rising by 37% in 2008 to ?304 million. However, the country’s tremendous business potential is largely unrecognised by British companies. The Business Council, which will meet every six months alternately in London and Baku, will seek to put Azerbaijan on the map for UK business and raise awareness of the potential opportunities, through a full programme of promotional activities such as an annual conference, business briefings, and trade missions.

The private-sector led body will, working closely with the UK and Azerbaijan governments, take strategic initiatives to promote trade and investment between the two countries, and will endeavour to promote private sector development, technology transfer, education and training, and joint ventures. It will build on the warm and strengthening relations between the two countries, which have been enhanced by recent high level visits in both directions; in the last three months the Lord Mayor of the City of London, UK Energy Minister Lord Hunt and HRH The Duke of York have visited Baku, and President Aliyev has visited the UK.

Participants at the inaugural meeting of the Council included HE Fakhraddin Gurbanov, the Ambassador of Azerbaijan to the UK; Lord Waverley; Baroness Symons of Vernham Dean; Michael Thomas, Director General, Middle East Association; and senior representatives from the Lord Mayor’s Office, Foreign & Commonwealth Office, London Stock Exchange, London Business School and companies and organisations with business interests or potential business interests in Azerbaijan.

Following a warm welcome from the chairmen, they discussed the aims, objectives and future plans of the Council, and explored areas of potential co-operation, identifying the sectors of financial services; education and training; energy (including renewables and power generation); infrastructure; retailing; and agriculture as priority sectors. The meeting also underlined the geostrategic importance of Azerbaijan to the UK and Europe as a beacon of economic stability in central Asia and in terms of security and diversification of energy supply; its role as a gateway to the Caspian region; the resilience of Azerbaijan’s economy and banking sector in the face of the global financial crisis; and its rapid growth (fastest growing economy in the world in recent years).

“The establishment of the Business Council represents a milestone in Azerbaijan/UK commercial relations,” said MEA Director General Michael Thomas, following the meeting. “Top British companies have signed up to join the Business Council, which enjoys the full support of both governments, as well as the British Embassy in Baku and the Embassy of Azerbaijan in London, and a full programme of events is planned to promote Azerbaijan to British business – the Middle East Association is in fact planning a multisector trade mission to Baku from 22-26 November.”

Notes for Editors
The Middle East Association (MEA) is the UK’s premier private sector organisation for promoting trade and good relations with the Broader Middle East and North Africa region. Founded in 1961 the MEA is an independent and non-profit making association. Its 400 members are drawn from all sectors of industry, commerce and finance and account for some 70% of all UK trade with the region. The Patron of the Association is HRH The Duke of York, UK Special Representative for International Trade and Investment. www.the-mea.co.uk