RIYADH: Azerbaijan and Saudi Arabia have signed a protocol to expand cooperation in the areas of health, communications, banking, agriculture, industry, energy, sports and tourism.
The document was inked as part of the 4th meeting of Azerbaijani-Saudi Arabian Joint Commission for Cooperation in Economy, Trade, Investment, Technologies, Culture, Sports and Youth.
The meeting co-chaired by Azerbaijan`s Economy and Industry Minister Shahin Mustafayev and the president of the Main Investment Body of Saudi Arabia Ahmed al-Asman took place in Riyadh on 15 December.
Mustafayev said the long-time allies — Azerbaijan and Saudi Arabia — have already signed about 20 documents on cooperation in various spheres, including the economy.
Now the sides exchange experience in the field of alternative energy to expand cooperation and create high technology parks, the minister emphasized.
Mustafayev reminded that Saudi companies are successfully operating in Azerbaijan in the sphere of trade, industry, services, banking and insurance sectors, investing $368 million into the Azerbaijani economy.
Azerbaijan and Saudi Arabia enjoy great potential to increase trade, as well as expand cooperation in the fields of alternative and renewable energy, banking and tourism, he said.
The minister also offered Saudi Arabia to use transit possibilities of Azerbaijan for cargo transportation, including North-South transport corridor that links North Europe with South-West Asia.
Riyadh also hosted a business forum, which was attended by up to 100 businessmen, representing the tourism industry, logistics, finance, consulting, construction, food industry, and agriculture and health spheres. Within the framework of the business forum, Azerbaijani food products were presented for the first time in Saudi Arabia.
The Kingdom was one of the first countries to recognize the independence of Azerbaijan in 1991.The diplomatic relations between the two countries was 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. Over the past years, the economic relations with the increased interest in investment strengthened and expanded.
Azerbaijan’s State Customs Committee reported the trade turnover between Azerbaijan and Saudi Arabia amounted to $2.35 million in the first quarter of 2015, which is fully accounted for imports from Saudi Arabia. The trade turnover increased by 2.6 percent this year compared to the same period in 2014.
