Baku, Riyadh eye energy, finance, SMBs co-op

By Azernews

By Ayya Lmahamad

Azerbaijan and Saudi Arabia have discussed bilateral cooperation in the energy, finance, and SMBs field during the various meetings held on December 9.

Energy cooperation

Saudi Arabia’s National Companies Promotion Program CEO Badr AlBadr and Azerbaijan’s Energy Minister Parviz Shahbazov discussed current and future investment opportunities in the country’s energy sector.

During the meeting, information was presented about Azerbaijan’s oil and gas fields, global energy transportation projects, green energy potential, auctions to attract private investment in the industry, as well as other strategic goals and plans.

The parties also discussed the investment cooperation on both oil and gas, and renewable energy projects, including offshore wind and hydropower projects.

The meeting continued in a broad format with a delegation from Saudi Arabia’s Investment Ministry, the Department of Investment and the National Companies Promotion Program. It should be noted that Deputy Energy Minister Kamal Abbasov attended the meeting.

Finance cooperation

On December 9, a meeting was also held also between Badr AlBadr and Azerbaijan’s Finance Minister Samir Sharifov. Saudi Arabia’s ambassador Hamad bin Abdullah bin Saud bin Khudair also attended the meeting.

The parties expressed satisfaction with the successful development of bilateral relations in the political, economic and other fields.

They also briefed on opportunities for cooperation in developing and strengthening trade relations between Azerbaijan and Saudi Arabia, increasing trade turnover, energy, investment, tourism, industry, agriculture and other sectors.

It was noted that the 6th meeting of the Joint Commission on economic, trade, investment, technical, cultural, sports and youth cooperation between Azerbaijan and Saudi Arabia to be held in Riyadh on December 15-16  will make an important contribution to the expansion of ties.

The sides also exchanged views on National Companies Promotion Program opportunities in Azerbaijan and issues of mutual interest related to the next meeting of the Joint Commission.

SMBs cooperation

Badr AlBadr also held a meeting with Azerbaijan’s Agency for Small and Medium Business Development Chairman Orkhan Mammadov.

The parties briefed on the Agency’s activities, the support provided for SMBs, as well as foreign businessmen interested in investing in Azerbaijan.

The meeting was attended by the representatives of Saudi Arabia’s Investment Ministry, the Department of Investment and the National Companies Promotion Program.

Azerbaijan and Saudi Arabia are cooperating in different spheres of the economy, especially in renewable energy. In this context, the agreements on the 240 MW wind power plant project were signed between the Energy Ministry, the Azerenergy OJSC and Saudi Arabia's ACWA Power on December 29, 2020. The agreement will strengthen the ties between Saudi Arabia and Azerbaijan, and the 240 MW project will contribute to Azerbaijan’s energy diversification and the use of renewable energy sources. 

The trade turnover between Azerbaijan and Saudi Arabia amounted to $13.4 million in 2020. In addition, the trade turnover between the two countries amounted to $15.7 million in the first 10 months of 2021.