By Leman Mammadova
The local companies will be selected for the implementation of Saudi Arabia-Azerbaijan investment projects.
ASK Business Consulting, a member of the National Confederation of Entrepreneurs’ (Employers’) Organizations of Azerbaijan, and Saudi Arabian company Global Projects Development Holding Co. have signed a memorandum of cooperation.
The memorandum is aimed at the implementation of common development goals, promotion of cooperation and integration opportunities between international and Azerbaijani companies. For this purpose, Global Projects Development Holding Co. recognizes ASK as a consultant.
The document also envisages the support to the Azerbaijani companies to expand access to foreign financial resources, the creation and initial analysis of the data base for the investment projects proposed by local entrepreneurs and companies, and direct participation in the review and selection process of the investment projects.
The document was signed by Fargana Hasanova, Director of ASK Business Consulting, and Badear Bhaishan Al Mutairi, Director of Global Projects Development Holding Co.
Vugar Zeynalov, Vice President of the National Confederation of Entrepreneurs’ (Employers’) Organizations, noted that the selection process of Azerbaijani companies for attracting new investments will begin soon.
In turn, Al Mutairi noted that his company is ready to provide investment in Azerbaijani companies and support their export to the Gulf countries.
“There are many competitive producers among ASK members and they are interested to get access abroad, especially to the Gulf countries,” said Zeynalov.
Further, Al Mutairi noted that the tourism potential of Azerbaijan attracted his attention, and asked for a report on the market situation in this sphere.
In addition, the guest expressed interest in the situation in the country’s insurance sector, and expressed his intention to invest in an insurance company.
National Confederation of Entrepreneurs’ (Employers’) Organizations aims to become the closest partner of all entrepreneurs in Azerbaijan, to regulate entrepreneur-state, entrepreneur-employee relations and to support the sustainable development of entrepreneurship in the country.
Development of entrepreneurship is important for a country’s socio-economic growth. Thus, Azerbaijan makes maximum efforts to enhance the entrepreneurial activity.
Saudi Arabia is a strong partner of Azerbaijan in terms of support for the development of entrepreneurship in the country. In this regard, Agency for the Development of Small and Medium-Sized Enterprises of Azerbaijan and Saudi Arabian General Investment Authority (SAGIA) closely cooperate.
It should be noted that in recent years, the economic relations between Azerbaijan and Saudi Arabia have strengthened and expanded with the increased interest in investment.
Azerbaijan’s trade turnover with Saudi Arabia amounted to 30.9 million manats ($18.12 million) in 2018, according to the State Customs Committee of Azerbaijan. About 24.3 million manats ($14.25 million) accounted for the import of Saudi products in Azerbaijan.
Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
Follow us on Twitter @AzerNewsAz