Saudi Arabia is set to enhance investments in Azerbaijan, with current trade volumes at $13.4 million. During the Saudi-Azerbaijani Business Forum, leaders from both nations emphasized economic cooperation and investments in energy, tourism, and infrastructure.

Trade and Economic Opportunities Between Saudi Arabia and Azerbaijan

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.

Key Discussions at the Saudi-Azerbaijani Business Forum

The forum, attended by Azerbaijani deputy minister of economy Elnur Aliyev and over 300 investors and officials, emphasized plans to enhance partnerships in the private sector.

Investment Sectors Highlighted for Growth

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. 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 channeling investments into key sectors such as energy, tourism, and infrastructure.

Incentives for Saudi Investors in Azerbaijan

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.

Future Economic Cooperation and Development

The forum also addressed logistical challenges facing Saudi investments. Al Hwaizy emphasized 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.