Azerbaijan, Saudi Arabia trade turnover up by 47.3 pct in 2021

 By Azernews

By Ayya Lmahamad

The trade turnover between Azerbaijan and Saudi Arabia increased by 47.3 percent in January-October 2021.

This was stated at the 6th meeting of the Azerbaijani-Saudi Arabian joint commission on economic, trade, investment, technical, cultural, sports and youth cooperation that was held in Riyadh on December 15.

Stressing the high level of political relations between the two countries, the commission’s co-chair, Azerbaijani Finance Minister Samir Sharifov noted that there are ample opportunities for further development of relations in the economic and other spheres.

Speaking about the ongoing reconstruction in Azerbaijan’s liberated lands, he invited Saudi companies to get involved in the rehabilitation process.

The minister also talked about the favorable business and investment climate created in the country and invited Saudi investors to invest in the country’s industrial zones and agricultural parks. He noted that the establishment of joint ventures with Saudi Arabia, the participation of Saudi businessmen in agricultural projects in Azerbaijan, the import of food and agricultural products produced in Azerbaijan to Saudi Arabia are potential areas of cooperation.

Sharifov also praised effective Saudi Arabian-Azerbaijani cooperation, as well as bilateral cooperation within international organizations, including the Islamic Development Bank and OPEC+.

In turn, another co-chairman of the commission, Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih noted the interest in the development and strengthening of bilateral trade relations, increasing trade turnover, and expanding cooperation in energy, investment, tourism, education, health, renewable energy sources and other fields.

Following the discussion, the co-chairs signed the protocol of the 6th meeting of the joint commission on economic, trade, investment, technical, cultural, sports and youth cooperation between Azerbaijan and Saudi Arabia.

The document provides for expanding bilateral cooperation in politics, security, trade, investment, energy, digital development and transport, health, culture, science and education, agriculture and food security, labor, employment, and other fields.

It should be noted that the ministers of the two countries also hold a bilateral meeting. Stressing the need for further necessary measures to consistently develop reliable business relations between Azerbaijani and Saudi investors, the ministers recalled that last year Azerbaijani Energy Ministry, Azerenergy and ACWA POWER signed an agreement on the 240 MW wind power plant project.

They stressed the interest in continuing such contacts and attracting more Saudi companies to invest in Azerbaijan, especially in increasing the share of the non-oil sector in investment and trade cooperation.

Additionally, Azerbaijan’s Agency for Small and Medium Business Development Chairman Orkhan Mammadov held a series of meetings with Saudi Arabia’s Directors of Business, Credit, and Insurance of the Export-Import Bank-SaudiExim, Saudi Development Fund Acting Executive Director Sultan Abdulrahman Al Marshad and Monshaat CEO Saleh Al-Rasheed.

The trade turnover between Azerbaijan and Saudi Arabia amounted to $13.4 million in 2020. In addition, the trade turnover between the two countries amounted to $15.7 million in the first 10 months of 2021.