Saudi Arabia eyes investment boost in Azerbaijan
During the fifth Saudi-Azerbaijani Business Forum, investments in energy was discussed
Dubai: Saudi Arabia plans on boosting investments in Azerbaijan, recognising that the current trade volume of $13.4 million (Dh49 million) is relatively low and presents significant growth opportunities.
During the fifth Saudi-Azerbaijani Business Forum in Baku, which took place on October 1, Hassan Moejeb Al Hwaizy, chairman of the federation of Saudi chambers, highlighted the potential for stronger economic cooperation as both countries seek diversified development.
The forum, attended by Azerbaijani deputy minister of economy Elnur Aliyev and over 300 investors and officials, emphasised plans to enhance partnerships in the private sector.
Orkhan Mammadov, chairman of the Azerbaijani business council, pointed out the country’s robust infrastructure and the forum’s importance in attracting new investment initiatives.
In a post on X, formerly known as Twitter, he noted that the partnership between Saudi Arabia and Azerbaijan is now more dynamic than ever. Azerbaijan has proposed the creation of a joint sovereign investment fund with Saudi Arabia, aimed at channelling investments into key sectors such as energy, tourism, and infrastructure.
This proposal was discussed between Azerbaijan’s minister of economy Mikayil Jabbarov and Al Hwaizy, aligning with both countries' goals for economic diversification, as reported by the Saudi Press Agency.
The forum also addressed logistical challenges facing Saudi investments. Al Hwaizy emphasised the importance of strengthening economic cooperation and exploring investment opportunities in renewable energy, infrastructure, tourism, and agriculture.
The Baku forum highlighted Azerbaijan’s investment potential, offering Saudi investors incentives like tax exemptions, free money transfers, and streamlined processes in its free economic zones.