Azerbaijan discusses expansion of economic co-operation with Saudi Arabia

During the visit of a delegation headed by First Deputy Minister of Economy Elnur Aliyev to Saudi Arabia, a number of meetings were held, as well as discussions on the development of partnerships in various directions, Azernews reports.

The meeting was held with the First Deputy Minister of Economy and Planning of the Kingdom of Saudi Arabia, Ammar Nagadi, and Deputy Minister for International Economic Affairs, Albara Alaskandarani.

In the meeting, it was stressed that economic relations with Saudi Arabia are developing and trade turnover is increasing. It was noted that the exchange of experience between the two countries in priority spheres of the economy, as well as in the field of social and economic programmes, will give impetus to the partnership.

The meeting stressed the importance of identifying priority areas for the development of cooperation in the private sector. The sides exchanged views on the agenda of our bilateral economic relations and the development of mutual investments.

The importance of developing mutual cooperation in various directions was highlighted at the meeting with Saudi Deputy Minister of Investment for International Partnership, Awad Mashni. Opportunities for effective cooperation with Saudi Arabia in trade, investments, energy, including green energy, infrastructure, reintegration projects implemented in Azerbaijan's liberated territories, tourism, and other spheres were noted.

At the meeting, information was presented on the favourable business environment in Azerbaijan, opportunities created for business, and Saudi investors were invited to active cooperation.

The sides discussed the expansion of investment partnerships in various spheres, possible joint projects, cooperation in construction, and other spheres.

At the meeting with Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, information was presented on the work done in the direction of renewable energy in Azerbaijan, cooperation with "ACWA Power" company in this field, as well as the investment potential of the liberated territories. Sultan Abdulrahman Al-Marshad noted the possibilities of realising joint projects with Azerbaijan.

The meeting considered issues of cooperation on financing projects in priority spheres in Azerbaijan.

At the meeting with Suleyman Alrumaih, CEO of Saudi Agricultural and Livestock Investment Company (SALIC), information was presented on Azerbaijan's food security strategy, agricultural products, and the geography of their exports.

It was stated that our countries have wide opportunities for mutually beneficial cooperation in the field of food security. It was noted that a number of measures have been taken in Azerbaijan to facilitate exports and trade, including the establishment of trade missions in foreign countries.

It was noted that Azerbaijan has great potential for investment in the agricultural sector, production, and export of strategic food products. In addition, information was also provided on transport, transit, tourism, and other opportunities in our country.

Presentations of business and investment opportunities in Azerbaijan, as well as information about SALIC subsidiaries in foreign countries and their production activities, were presented at the meeting. Besides, issues of the export of agricultural products of our country to the Saudi Arabian market and other possible areas of cooperation were discussed.