Azerbaijan, Saudi Arabia eye economic ties expansion

By Azernews

Azerbaijan's Economy Minister Mikayil Jabbarov and Saudi Arabia's Economy and Planning Minister Faisal Al-Ibrahim have discussed the expansion of economic relations between the two countries.

"During the meeting with Faisal Al-Ibrahim, Minister of Economy and Planning of the Kingdom of Saudi Arabia, we had fruitful discussions on the expansion of economic relations between our countries, the sustainable development of our trade relations and new opportunities for cooperation in the field of investment," the minister wrote on his official Twitter page.

Azerbaijan and Saudi Arabia established a diplomatic relationship on February 24, 1992. Saudi Arabia was among the first countries that recognized  Azerbaijan's independence on December 30, 1991. Azerbaijan opened its embassy in Riyadh in April 1994 and the Saudi Arabia embassy operates in Baku since June 1999.

The two countries are successfully cooperation in various fields of economy.

On January 13, a groundbreaking ceremony for the 240 MW Khizi-Absheron wind farm, which will be built by Saudi Arabia's ACWA Power, was held. After the construction, it is expected to supply 300,000 households, save 220 million cubic meters of gas, and reduce 400,000 tons of carbon dioxide emissions during the year.

Additionally, Azerbaijan and Saudi Arabia have fruitful cooperation within the international organizations, particularly the Organization of the Islamic Cooperation and the OPEC+.

The trade turnover between the two countries amounted to $27 million in 2021.