KSA and Azerbaijan sign deals to boost trade and investment

President of Azerbaijan Ilham Aliyev Tuesday received a Saudi high-level delegation led by governor and Chairman of the Board of Directors of the Saudi Arabian General Investment Authority (SAGIA), Abdullatif Al-Othman.

The event brought together Azerbaijani and Saudi businessmen operating in industry, oil, construction, food, education, business, ICT and finance.

Al-Othman, who is also co-chair of the Saudi Arabia-Azerbaijan Intergovernmental Joint Commission, is leading Saudi businessmen and investors to Baku to attend the first Azerbaijan-Saudi Arabia business forum organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO). The two-day event ended on Wednesday (Dec. 11).

SAGIA's Deputy Director Prince Saud bin Khaled Al-Faisal was present.

In a statement from Baku, Azerbaijani Minister of Economy and Industry Shahin Mustafayev addressed the meeting who said that the two countries had signed more than 10 documents on cooperation in economic, trade, and investment spheres.

He noted that six Saudi companies are operating in Azerbaijan and they have invested $368 million in the country’s economy. The minister hailed Azerbaijan`s relations with Saudi Arabia in various sectors. He underlined the importance of such forums in stimulation of business initiatives, determination of new cooperation opportunities and expansion of commercial and economic relations.

Azerbaijan president at his sideline meeting with Saudi delegation noted the fast growing bilateral relations between the two countries in various fields.

Describing Saudi Arabia as one of the main and vital partners, the head of state praised the big potential in the bilateral cooperation between the two countries. He expressed confidence that the two countries would make important progress in this direction.

President Aliyev conveyed his greetings to Custodian of the Two Holy Mosques King Abdullah and to Crown Prince Salman, deputy premier and minister of defense.

SAGIA governor invited more Saudi Arabian businessmen to visit Azerbaijan, citing the big opportunities in the country he has seen during this visit. He spoke highly on the strong ties between the two countries citing many background aspects, including similarities in culture and faith while both of them are members of the Organization of Islamic Cooperation (OIC).

Al-Othman, while congratulating Azerbaijan president for his re-election, conveyed the greetings of Saudi Arabia’s leadership to the president.

He said they had witnessed a big development processes in Azerbaijan under the leadership of the president, adding that King Abdullah is keen on the strengthening the bonds between the two countries and utilize the opportunities for expansion of these ties.

The Baku Business Center hosted an Azerbaijan-Saudi Arabia business forum as part of the visit of the Saudi delegation to Azerbaijan during which the participants took a tour of an exhibition on Baku Business Center`s social and economic development. They were informed about Azerbaijan`s economy and projects implemented in the country.

ANN.Az