Saudi Arabia, Azerbaijan to establish joint business council

The Federation of Saudi Chambers and the Small and Medium Business Development Agency in Azerbaijan signed an agreement to establish a joint Saudi-Azerbaijani business council.

The signing of the agreement coincides with the 17th session of the Saudi-Azerbaijani Joint Committee and Investment Forum held in, Baku. It reflects the keenness of the two countries to carry out many commercial and promotional activities in expanding Azerbaijani-Saudi trade and economic cooperation.

The joint business council will open new qualitative areas for economic cooperation, facilitating continuous interaction between the Saudi and Azerbaijani business sectors, working to address challenges and obstacles, as well as exchanging information on available markets and investment opportunities, and enabling trade and investment partnerships.

Azerbaijani-Saudi Joint Committee and Azerbaijani-Saudi Investment Forum convene in Azerbaijan.https://t.co/qT39fAOYHN#SPAGOV pic.twitter.com/kuv8luQlm9

— SPAENG (@Spa_Eng) December 19, 2022

The kingdom’s ‘Vision 2030’ and the environment and investment incentives it provides constitute promising investment opportunities for Azerbaijani business owners in various economic sectors.

The 17th session of the Saudi-Azerbaijani Joint Committee was held in Baku, Azerbaijan on December 20, headed by the Minister of Investment, Khalid bin Abdulaziz Al-Falih, and the Azerbaijani Minister of Finance, Samir Sharifov.

The committee also witnessed the signing of a memorandum of understanding (MOU) between the Saudi Fund for Development and the Ministry of Economy of Azerbaijan, in addition to six agreements and MOUs in tourism, human resources, construction, and infrastructure.