The 6th meeting of the Joint Commission on Economic, Trade, Investment, Technical, Cultural, Sports and Youth Cooperation between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia was held today in Riyadh, the capital of the Kingdom of Saudi Arabia.


The Finance Ministry told APA that a meeting was held between the co-chairs of the commission, Minister of Finance of the Republic of Azerbaijan Samir Sharifov and Minister of Investment of the Kingdom of Saudi Arabia Khalid bin Abdulaziz Al-Falih before the meeting.


The Minister of Investment of the Kingdom of Saudi Arabia expressed sincere congratulations on the 30th anniversary of the liberation of the territories of the Republic of Azerbaijan, as well as the restoration of state independence and the establishment of diplomatic relations between the two countries. shared his views on expanding cooperation.


Emphasizing the need to take necessary measures for the consistent development of reliable business relations between Azerbaijani and Saudi investors, Finance Minister Samir Sharifov said that last year the Ministry of Energy and Azerenergy and ACWA POWER He noted that trade agreements have been signed, noting that we are interested 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.


After the meeting, Minister of Finance Samir Sharifov and Minister of Investment of the Kingdom of Saudi Arabia Khalid bin Abdulaziz Al-Falih chaired a meeting of the 6th Joint Commission on Economic, Trade, Investment, Technical, Cultural, Sports and Youth Cooperation between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia. meeting was held.


The agenda of the 6th meeting of the Commission includes the current state of economic cooperation between the two countries, trade and investment, energy, digital development and transport, health, culture, science and education, agriculture and food security, labor, employment and social protection, Islamic issues, tourism. , youth and cooperation in sports, politics, security and other areas.


Emphasizing the high level of political relations between the Republic of Azerbaijan and the Kingdom of Saudi Arabia and the important role of the political will of the two countries in the development of cooperation, Samir Sharifov noted that there are great opportunities for further development of relations in economic and other fields.


Informing about the construction work carried out in the liberated territories of Azerbaijan, the co-chair of the Commission said that large amounts of financial resources are required to clear the Karabakh region of mines, restore completely destroyed towns and villages, all cultural and religious monuments and infrastructure. invited to take part in the restoration and reconstruction of the territories.


The Azerbaijani Minister of Finance also informed the participants about the favorable business and investment climate in the country. parks and industrial districts of Neftchala, Masalli, Hajigabul and Sabirabad.


Noting that there are wide opportunities for cooperation between the two countries in the field of tourism and Saudi businessmen can contribute to the development of tourism infrastructure in Azerbaijan, the minister also noted that there are wide opportunities for cooperation between the two countries in agriculture. - He noted that the establishment of joint ventures with Saudi Arabia, the involvement 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.


Samir Sharifov cited the success of several Saudi companies in Azerbaijan, including ACWA Power, as an example for other companies.


It was noted at the meeting that although the coronavirus pandemic had a negative impact on trade relations between the two countries last year, in January-October 2021, trade turnover increased by 47.3%.


Another co-chair of the commission, Minister of Investment of the Kingdom of Saudi Arabia Khalid bin Abdulaziz Al-Falih said that the development and strengthening of trade relations between Saudi Arabia and Azerbaijan, increasing trade turnover, energy, investment, tourism, education, health, industry, agriculture, alternative and renewable energy and expressed interest in expanding cooperation in other areas and the willingness of Saudi companies to invest in these areas. He stressed the importance of developing an Action Plan in the coming months based on the results of the 6th meeting of the Joint Commission and making every effort to turn business contacts into real projects.


The Minister praised the fruitful cooperation between Saudi Arabia and Azerbaijan, as well as bilateral cooperation within international organizations, including the Islamic Development Bank and OPEC +.


Then a presentation by the Azerbaijan Export and Investment Promotion Agency (AZPROMO) on the favorable business and investment climate in Azerbaijan, the work done to develop the non-oil sector, the impact of the pandemic on the business environment in Azerbaijan and government support mechanisms, the logistics capabilities of industrial zones and the Alat Free Economic Zone held. At the same time, there was a presentation by the Ministry of Investment of the Kingdom of Saudi Arabia on investment, transport and logistics opportunities.


Following the discussions, the co-chairs Samir Sharifov and Khalid bin Abdulaziz Al-Falih signed the Protocol of the 6th meeting of the Joint Commission on Economic, Trade, Investment, Technical, Cultural, Sports and Youth Cooperation between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia. The document covers political and security issues, trade and investment, energy, digital development and transport, health, culture, science and education, agriculture and food security, labor, employment and social protection, Islamic issues, tourism, youth and sports. It is planned to expand cooperation in various fields.


In the second half of the day, the Joint Commission continued its work within the business forum, discussed opportunities for cooperation, and made presentations on business and investment opportunities in both countries.


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