Saudi Arabia and Azerbaijan Strengthen Economic Ties at Fifth Business Forum in Baku

KSA, 02 October, 2024 : The Fifth Saudi-Azerbaijani Business Forum, organized by the Council of Saudi Chambers (CSC), took place in Baku on Tuesday, attracting over 300 investors and government officials. The forum featured Azerbaijani Deputy Minister of Economy Elnur Aliyev and CSC Chairman Hassan Mujeb Al-Huwaizi, who announced plans for extensive economic partnerships between the two countries.

The event showcased Azerbaijan's investment opportunities and incentives for Saudi investors, including tax exemptions and a streamlined single-window system in free economic zones. Strategies to eliminate logistical challenges for Saudi investments were also discussed.

Aliyev praised Saudi investments in Azerbaijan, particularly in renewable energy, citing ACWA Power's successful projects. He emphasized incentives to attract Saudi capital in sectors like agriculture, logistics, education, and healthcare.

Al-Huwaizi noted the forum's goal of enhancing economic cooperation and exploring investment prospects in infrastructure, renewable energy, and tourism. Saudi Ambassador to Azerbaijan Essam Al-Jutaili expressed the embassy's commitment to supporting investors and encouraged Azerbaijani investors to pursue opportunities in Saudi Arabia.

The Saudi-Azerbaijani Business Council, led by Chairman Ahmed Al-Dukhail, aims to facilitate the import of raw materials from Azerbaijan to bolster Saudi industry while exporting Saudi products to Azerbaijan. Al-Dukhail highlighted the need to address logistical and legislative barriers.

Azerbaijani Business Council Chairman Orkhan Mammadov underscored the country's well-developed infrastructure and the forum's role in promoting national projects. The CSC is working to expand global markets, with Azerbaijan's six free economic zones offering significant potential for economic collaboration.

Source : www.zawya.com