AZERBAIJAN INVESTMENT HOLDING SIGNED MOU ON PARTICIPATION IN THE WORLD LOGISTICS PASSPORT INITIATIVE
WLP expansion in Azerbaijan offers traders the opportunity to reduce costs and boost inter-regional trade
DUBAI, UAE – 04 November 2021: The World Logistics Passport (WLP) continues to expand its global footprint by signing a Memorandum of Understanding (MoU) with Azerbaijan Investment Holding (AIH), which will provide the opportunity to Azerbaijan to benefit from the global freight loyalty program as a perspective Gateway Country.
The WLP is a global, private sector-led, initiative designed to smooth the flow of world trade. It operates as an incentive-based loyalty program that rewards traders and freight forwarders for high levels of trade by unlocking market access to new and existing trading routes alongside a range of other membership benefits.
Participation in the WLP will offer Azerbaijani traders and freight forwarders the opportunity to access a global network of benefits for more cost-effective and efficient cargo trade. Direct benefits include fast-tracking of cargo movement, reducing administrative costs, advancing cargo information, and facilitating trade across borders.
Furthermore, Azerbaijan traders will be able to enjoy access to international trading routes, as well as benefit from the sharing of knowledge with state-of-the-art trade and logistics capabilities, as provided by other global WLP Partners. With the WLP’s global network of partners, Azerbaijan import and export industry can expect to have greater access to markets in Asia, Africa, Latin America, and the Middle East.
The MoU was signed by Mr. Ruslan Alikhanov, Chief Executive Officer and Member of the Management Board of AIH and H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World. H.E. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and other high-level representatives from both countries attended the signing.
HE Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: advantages for Azerbaijan of being part of the WLP global network include an increase in and diversification of trade through the development of new international trade routes, while the strengthened connection with Dubai will help deepen the rapidly growing Emirati-Azerbaijani trading relationship.”
Ruslan Alikhanov, Chief Executive Officer of AIH, said: “Signing of this MoU will open up new opportunities in the field of transport, transit and logistics, revealing the entire transit potential of the country. This partnership will expand Azerbaijan’s multi-modal transportation opportunities and AIH as a coordinating partner will support local traders to easily access global business markets.”
AIH is a public legal entity that was established according to the Decree of the President of the Republic of Azerbaijan dated 7 August 2020. AIH’s aim is to improve the management system and operation of state-owned companies and enterprises, as well as business entities with a share of state capital, given under its governance based on common principles, improving performance, as well as increasing transparency and economic efficiency of their investment programs, assuring their competitiveness, improving their financial health and standing.