Saudi Arabia is keen on expanding its economic cooperation with Azerbaijan, Saudi Ambassador to Azerbaijan, Essam bin Saleh Al-Jutaili, told Report.
He mentioned that several Saudi companies are currently in talks with the State Oil Company of Azerbaijan (SOCAR) to explore potential collaboration opportunities.
Though the trade turnover between the two countries surpassed $30 million by the end of 2023, Ambassador Al-Jutaili believes that this figure does not reflect the true potential. "We aim to expand trade and economic cooperation. The joint intergovernmental commission [Azerbaijan-Saudi Arabia] and the joint Business Council are working on increasing trade turnover, as there are many common opportunities to increase this indicator several times in a short period," he stated.
The ambassador also announced that a large delegation of Saudi companies will be visiting Azerbaijan in the coming days to participate in the Second Persian Gulf - Azerbaijan Business Forum, scheduled for September 25-26. The forum will focus on strengthening economic ties with Azerbaijan and exploring investment opportunities in the country.
He said ACWA Power, a leading Saudi developer, investor, and operator of power generation and desalinated water plants, is considering expanding its investments in Azerbaijan. Moreover, several other Saudi companies have expressed interest in broadening energy cooperation with Azerbaijan.
"We are negotiating with the State Oil Company of Azerbaijan to identify new areas of such interaction," Ambassador Al-Jutaili added.