Azerbaijan 2016 | ECONOMY | COLUMN

TBY talks to HE Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, on being an example for Azerbaijan.

HE Hamad Buamim

Azerbaijan's top priority in 2016 is to diversify the country's non-oil sectors. Dubai has proven to be a great example to follow when it comes to diversifying sources of revenue. What recommendations would you give to Azerbaijan?

The ability to foresee and anticipate future events and identify opportunities to deal with these changes is what led Dubai to diversify its source of revenues. Central Asian nations require long-term strategies to diversify their economies and attract foreign private sector investments to the region. Baku's involvement in China's Silk Road Economic Belt vision promises great potential for investors. This poses a huge growth opportunity for Azerbaijan, especially in sectors such as agriculture, food processing, machinery, and tourism.

What opportunities does Baku's involvement in China's Silk Road Economic Belt Vision provide to investors in the GCC?

China is one of our largest trading partners and, therefore, an important country for us as Baku can be our link to China. Dubai can be the bridgehead for the integration of Middle Eastern economies into China and Central Asia's global supply chain.