Azerbaijan’s banking sector will be holding its first banking event on May 26 in New York City, PRNewswire reported.

A key aim of the “1st U.S.-Azerbaijan Banking & Finance Forum” is to acquaint American financial institutions and other companies with investment opportunities in the petroleum-rich country’s financial industry.

An equally important aim of the event, organized by the United States-Azerbaijan Chamber of Commerce (USACC), is for Azerbaijan’s banks to identify investment opportunities in the United States.

“We would like to see a new level of cooperation between American and Azerbaijani banks,” said Farid Akhundov, chief executive officer of Pasha Bank, one of Azerbaijan’s leading financial institutions. “This would help expand economic ties not just between the United States and Azerbaijan but between the U.S. and our entire region.”

Susan Sadigova, the Executive Director of USACC, said that such kind events are vitally important — they help to further grow and diversify the traditionally strong relations between the United States and Azerbaijan, two historically strategic partners.

The “1st U.S.-Azerbaijan Banking & Finance Forum,” will be powered by two leading Azerbaijani banks, International Bank of Azerbaijan and Pasha Bank.

Speakers and panel participants will include Azerbaijani and American financial leaders, representatives of the World Bank, IFC and other development institutions, and representatives of Azerbaijan’s petroleum industry.

The forum will consist of three sessions. One will cover finance and trade prospects in Azerbaijan and the rest of the South Caucasus region. Another will look at investment opportunities in Azerbaijan. And the third will focus on changing financial dynamics in the region and its implications on the banking industry.