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Saudi Arabia invests almost $370M in Azerbaijani economy

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Date: 17 December 2015 19:27

Baku, Azerbaijan, Dec. 17

By Azad Hasanli – Trend:

Saudi Arabia has invested $368 million in Azerbaijan's economy, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at the fourth meeting of the joint commission on economic, trade, investment, technical, cultural, sports and youth cooperation in Riyadh, the ministry said.

The minister said that Saudi Arabia’s companies are working successfully in Azerbaijan in the spheres of trade, industry, services, banking and insurance.

“Saudi Fund for Development is involved in a number of infrastructure projects in Azerbaijan,” he said.

He said that Azerbaijan and Saudi Arabia have great potential for increasing the trade turnover, expanding the cooperation in the fields of alternative and renewable energy, banking and tourism.

Mustafayev said that the two countries have already signed about 20 documents on cooperation in various spheres, including the economy.

At present, the negotiations on signing the similar documents in the customs, veterinary, cultural and other fields are underway.

While speaking about the transit, the minister offered Saudi Arabia to use Azerbaijan’s transit possibilities for cargo transportation, including the North-South transport corridor.

He also stressed that Azerbaijan appreciates Saudi Arabia’s position on the Nagorno-Karabakh conflict.

“Saudi Arabia refuses to establish diplomatic relations with the occupant,” he said. “Saudi Arabia always supports Baku’s just position on this issue, which is based on the principles of international law.”

The conflict between the two South Caucasus countries began in 1988 when Armenia made territorial claims against Azerbaijan. As a result of the ensuing war, in 1992 Armenian armed forces occupied 20 percent of Azerbaijan, including the Nagorno-Karabakh region and seven surrounding districts.

The two countries signed a ceasefire agreement in 1994. The co-chairs of the OSCE Minsk Group, Russia, France and the US are currently holding peace negotiations.

Armenia has not yet implemented the UN Security Council's four resolutions on the liberation of the Nagorno-Karabakh and the surrounding regions.

At the conclusion of the event the sides signed a protocol following the fourth meeting of the joint commission. The protocol envisages the expansion of bilateral cooperation in the areas of health, communication and high technologies, banking, agriculture, industry, energy, sports, tourism.

Riyadh hosted the Azerbaijan-Saudi Arabia business forum. Up to 100 businessmen, involved in the tourism, logistics, finance, consulting, construction, food industry, agriculture, health, attended the forum.

An exhibition of Azerbaijani food products was held in Saudi Arabia for the first time as part of the business forum.

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