Azernews.Az

By Leman Mammadova

The 5th meeting of the Joint Commission on Cooperation in the fields of economy, trade, investment, technology, culture, sports and youth will be held between the Governments of Azerbaijan and the Kingdom of Saudi Arabia on March 4 in Baku.

Azerbaijan and Saudi Arabia will discuss expansion of cooperation in the field of energy, agriculture and the IT sector, Azerbaijan’s Finance Ministry told Trend March 1.

These issues will be included in the agenda of the meeting of the fifth joint intergovernmental commission.

The sides will also discuss the development of trade relations and the increase in trade turnover, expansion of cooperation in food safety, labor and employment, healthcare, culture, tourism, education, youth and sports, religion, security, air communications, land reclamation and water management, the regulatory framework and other issues.

The joint commission is co-chaired by Azerbaijan’s Finance Minister Samir Sharifov and Governor at the Saudi Arabian General Investment Authority (SAGIA) Ibrahim bin Abdul Rahman Al Omar.

During the meeting, the parties will also discuss the current state of economic cooperation, the work done after the fourth meeting of the intergovernmental commission and the prospects for expanding ties.

Following the event, a final protocol will be signed and a round table meeting will be held with the participation of business circles of the two countries.

The diplomatic relations between the two countries were established in 1992.

Over the past years, the bilateral economic relations have strengthened and expanded with the increased interest in investment. Currently, several companies of Saudi Arabia operate in various fields in Azerbaijan.

Saudi Arabia is one of the first countries that signed an energy deal with Azerbaijan. Saudi Arabia participated in the Contract of the Century signed in 1994 in Baku and its Delta-Hess Company had a 2.72 percent share in the contract.

Recently, the first meeting of the Joint Technical Commission, aimed at further expanding energy cooperation between the Energy Ministry of Azerbaijan and the Ministry of Energy, Industry and Mineral Resources of Saudi Arabia was held.

During the meeting, the sides discussed the prospects for the development of oil production, refining and petrochemical products in the world markets, expansion of relations between Saudi Aramco and SOCAR, prospects of SABIC's implementation of petrochemical projects in Azerbaijan, as well as renewable energy, energy efficiency, cooperation opportunities in energy sector.

Saudi Arabia intends to share its experience in renewable energy with Azerbaijan and involve Arab companies in this field, as well as oil and gas sector.

So far, Saudi Arabia's state-owned and private companies invested about $ 370 million in Azerbaijan's economy.

Azerbaijan’s trade turnover with Saudi Arabia amounted to 30.9 million manats in 2018, according to the State Customs Committee of Azerbaijan. About 24.3 million manats accounted for the import of Saudi products in Azerbaijan.

Expansion of cooperation with Saudi Arabia in the spheres of construction, infrastructure, energy, including renewables, agriculture and tourism is of great importance for Azerbaijan.

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