Azerbaijan to join business forum in Riyadh

By: Amina Nazarli

Azerbaijan and Saudi Arabia will discuss their economic relations at the business-forum to be held in Riyadh between December 7 and 9.

Minister of Economy and Industry Shahin Mustafayev will lead the delegation to visit the Saudi Arabia.

During the forum, the government representatives and businessmen, representing different sectors of the economy of both countries will take part.

This May, Azerbaijani-Saudi Arabian business forum, gathering 100 Saudi companies was held in Baku, which discussed the cooperation in the fields of agriculture, ICT, industry, alternative energy and possibilities of making joint investments in third countries.

The Saudi businesses voiced their interest in investing in the development of the agrarian sector in Azerbaijan.

At the event Mustafayev noted that trade turnover between the countries does not correspond to the level of relations between the two countries, which is estimated $6.35 million in January-September 2015. This figure is twice fewer that the one in the same period of 2014.

The Kingdom was one of the first countries to recognize the independence of Azerbaijan in 1991.The diplomatic relations between the two countries were established in 1992.

The Azerbaijani Embassy in Riyadh was opened in 1994, and since 1999, the embassy of Saudi Arabia has been operating in Baku.

Currently, four companies of Saudi Arabia operate in various fields in Azerbaijan. A “Memorandum of understanding” for the implementation of long-term project in the Kingdom in the field of oil and gas between the Azerbaijan State Oil Company and the Saudi company «Soroof International» was signed in Baku in 2012.

SOURCE: AZER NEWS

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