Azernews.Az

By Leman Mammadova

The fifth meeting of the intergovernmental commission between Azerbaijan and Saudi Arabia was held in Baku on March 4.

The delegations led by co-chairs of the commission, Azerbaijani Minister of Finance Samir Sharifov and Governor of the Saudi Arabian General Investment Authority (SAGIA) Ibrahim Al-Omar discussed the current state of the economic cooperation and prospects for expanding relations.

The sides discussed the issues of cooperation in such spheres as economics, trade, investment, IT, culture, sports, agriculture, food security, employment, healthcare, tourism, education, etc.

The meeting participants also exchanged views on the current economic relations between the countries, the work carried out after the fourth meeting of the intergovernmental commission.

During the meeting, Samir Sharifov noted that Azerbaijan and Saudi Arabia are interested in expanding air communication.

Sharifov reminded that in February 2016, Azerbaijan simplified the procedure of obtaining visas for citizens of Saudi Arabia and other countries of the Persian Gulf.

The minister said that 7,500 tourists from Saudi Arabia visited Azerbaijan in 2016, 33,000 tourists visited the country in 2017, and 73,000 tourists from Saudi Arabia visited Azerbaijan in 2018. However, the influx of tourists is observed only in the summer, he noted.

“I think it is necessary to establish permanent direct flights,” Sharifov said. “This will be important not only for tourism, but also for the development of business relations between the two countries.”

Further, he noted that there is mutually beneficial cooperation between the two countries in many areas.

“Despite that political relations between our countries are at the highest level, these relations don’t correspond to the potential in other areas,” he said. “The main task of the intergovernmental commission is to promote the development of these relations.”

Governor of the Saudi Arabian General Investment Authority Ibrahim Al-Omar said that a number of activities should be undertaken to develop bilateral relations.

Al-Omar stressed that the trade turnover between the two countries did not exceed $20 million in 2018 and investments do not correspond to the potential.

“The mechanisms should be created for the full implementation of agreements signed between the two countries and for the establishment of a platform for a mutually beneficial investment sphere,” he said.

He underlined that an agreement on customs cooperation should be signed to encourage mutual trade between Azerbaijan and Saudi Arabia.

Al-Omar also highlighted the importance of preparing the business plans for revitalization of previous memorandums, preparing a platform for creating a favorable investment climate, presenting the business council to investors in both countries.

He added that the two countries are doing everything possible to expand the ties in the fields of trade and investment.

Within the meeting, Azerbaijan and Saudi Arabia signed a protocol on expanding cooperation in economic and trade investments.

The document was signed by the Chairman of the Board of the Agency for the Development of Small and Medium-Sized Enterprises (SMEs) Orkhan Mammadov and Ayed bin Hadi Al Otaibi, deputy governor of the general authority for investment and investment development.

The protocol also provides for the expansion of cooperation in the field of culture and sports.

The diplomatic relations between Azerbaijan and Saudi Arabia were established in 1992. Over the past years, the bilateral economic relations have strengthened and expanded with the increased interest in investment.

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