https://arab.news/wjxxc
JEDDAH: Saudi Arabia is focused on increasing investment in Azerbaijan, noting that the current trade volume of $13.4 million is relatively small, indicating significant growth potential.
At the fifth Saudi-Azerbaijani Business Forum in Baku, Hassan Moejeb Al-Hwaizy, chairman of the Federation of Saudi Chambers, emphasized the opportunity for enhanced economic collaboration as both nations pursue diversified development.
The forum, which included Azerbaijani Deputy Minister of Economy Elnur Aliyev and over 300 investors and officials, outlined plans to bolster private-sector partnerships.
Orkhan Mammadov, chairman of the Azerbaijani business council, highlighted the country’s strong infrastructure and the forum’s role in promoting new investment projects.
In a post on X, he stated that the partnership between Saudi Arabia and Azerbaijan is now stronger and more dynamic than ever.
“Our meetings are always interesting and business-like. This time was no different. At the 5th meeting of our business council, we tried to find new areas of cooperation with our entrepreneurs. The council will expand trade relations between our countries,” Mammadov said.
He remarked that significant strides were made during the forum to enhance economic relations, identify investment opportunities, and discuss future collaborations, calling it “a promising day for both nations.”
Azerbaijan proposed establishing a joint sovereign investment fund with Saudi Arabia to direct investments into critical sectors like energy, tourism, and infrastructure.
This proposal, discussed between Azerbaijan’s Minister of Economy Mikayil Jabbarov and Al-Hwaizy, aligns with both countries’ goals for economic diversification, as reported by the Saudi Press Agency. The Baku forum showcased Azerbaijan’s investment potential, offering Saudi investors tax exemptions, free money transfers, and simplified procedures in its free economic zones.
The forum also addressed logistical challenges facing Saudi investments. Al-Hwaizy emphasized the importance of strengthening economic cooperation and exploring investment opportunities in renewable energy, infrastructure, tourism, and agriculture.
Aliyev praised Saudi investments in Azerbaijan, particularly in renewable energy projects by ACWA Power, and highlighted incentives for further investment in agriculture, logistics, and healthcare.
Saudi Ambassador to Azerbaijan Essam Al-Jutaili reiterated the embassy’s commitment to supporting investors through the joint committee, encouraging Azerbaijani investors to seize opportunities in the Kingdom.
Ahmed Al-Dukhail, chairman of the Saudi-Azerbaijani Business Council, stated that the council aims to boost the import of raw materials from Azerbaijan to enhance Saudi industry while increasing exports to Azerbaijan. He also advocated for the removal of legislative and logistical barriers to facilitate trade.