Saudi companies invest $370M in Azerbaijan’s economy so far

Baku. 5 March. REPORT.AZ/ Minister of Economy Shahin Mustafayev has met with the delegation led by Governor of the General Investment Authority of the Kingdom of Saudi Arabia, co-chair of Azerbaijan-Saudi Arabia Joint Intergovernmental Commission Ibrahim bin Abdul Rahman Al-Omar.

According to the ministry, Mustafayev underlined the significance of the Azerbaijani President’s visits to Saudi Arabia, and negotiations in the development of relations between the two countries. It was noted that the relations between the business circles develop successfully, business forums were held in Baku and Riyadh, export missions were organized to Riyadh and Jeddah. Azerbaijan will send an export mission to Saudi Arabia this year too.

Saudi Arabian companies have invested $370 million in Azerbaijan’s economy. Successful financial cooperation was carried out jointly with the Saudi Development Fund in construction of schools, channel and road, works on reconstruction of water supply and sewerage systems are underway. The number of tourists from Saudi Arabia is significantly increasing. The meeting of Azerbaijan-Saudi Arabia Joint Intergovernmental Commission, as well as the business meeting between entrepreneurs contribute to the cooperation between our countries.

Mustafayev invited the Saudi businessmen to benefit from the favorable business environment in Azerbaijan, invest in industrial parks and districts, agroparks.

Ibrahim bin Abdul Rahman Al-Omar expressed his satisfaction with the stability, development in Azerbaijan. He said the relations between the two countries will further develop.

The sides discussed cooperation in energy, investments, alternative energy, agriculture, chemistry, tourism, joint projects and other issues.

Ibrahim bin Abdul Rahman Al-Omar said Saudi businessmen are interested in cooperation with Azerbaijani businessmen and offered creation of e-market which will be useful for business circles of both countries.