3rd meeting of Azerbaijan-Saudi Arabia Joint Business Council held in Riyadh

Within the framework of the visit, the 3rd meeting of the Azerbaijan-Saudi Arabia Joint Business Council was held in Riyadh, Azernews reports.

The meeting of the Business Council is dedicated to business cooperation and investment opportunities between Azerbaijan and Saudi Arabia in the field of construction. The event was attended by representatives of the Small and Medium Business Development Agency (SMBDA), the Federation of Chambers of Saudi Arabia and other institutions, businessmen operating in the construction sector from both countries.

The chairman of SMBDA Orkhan Mammadov gave information about the development of the construction sector in Azerbaijan, business and investment opportunities in this field, and invited the business circles of both countries to active cooperation in this sector. It was noted that the construction sector is one of the rapidly developing sectors in Azerbaijan and is the 3rd main sector after agriculture and trade in terms of providing employment. There are cement plants, metal constructions, and modern building materials manufacturing enterprises operating on the basis of new technologies in Azerbaijan. About 15,000 SMEs operate in this sector.

Ahmed Ali Al Dakhil, the co-chairman of the Business Council and the chief executive officer of "Al Rajhi International for Investment" company, expressed his satisfaction with the holding of the next meeting of the council in Riyadh and the visit of the Azerbaijani delegation of businessmen. He stressed that he will contribute to the development of cooperation in the field of trade and investment.

Azerbaijani Ambassador to the Kingdom of Saudi Arabia Shahin Abdullayev emphasized that the cooperation between the two countries is developing, and high-level visits and events are important in the expansion of bilateral economic relations.

Within the framework of the event, information and experience related to the construction sector were exchanged among businessmen, presentations were held by companies, and the possibilities of implementing joint initiatives and projects were discussed.

It should be noted that the Azerbaijan-Saudi Arabia Joint Business Council was established in December 2022 based on the Agreement signed between KOBIA and the Federation of Chambers of Saudi Arabia. The Business Council, represented by business representatives from both countries, supports the initiatives of entrepreneurs, helps to establish direct relations between them, organizes mutual visits, meetings and various events, carries out information exchange between businessmen. The first meeting of the Business Council was held in April 2023 in Riyadh, and the second meeting was held in Shusha in June.

Within the framework of the visit, the Chairman of the Board of Directors of SMBDA Orkhan Mammadov met with the Deputy Minister of Investment of Saudi Arabia for International Cooperation, Mohammad Al Hasnah. At the meeting, views were exchanged on the expansion of relations and opportunities for cooperation between the business circles of both countries.

SMBDA representatives got acquainted with the services provided to SMEs at the SME Support Center of the General Directorate of Small and Medium Enterprises of Saudi Arabia (MONSHAAT), and exchanged views on the possibilities of cooperation with the Agency's SME development centers, the support and services provided to SMEs in Azerbaijan.

Also, during the visit, Azerbaijani businessmen met with representatives of the Construction Department of the Ministry of Investment of Saudi Arabia and got acquainted with the activities of the "Build Industrial" enterprise.