Baku, Riyadh eye prospects of economic, investment ties
By Sabina Mammadli
Azerbaijani Foreign Minister Jeyhun Bayramov and his Saudi counterpart Prince Faisal bin Farhan bin Abdullah bin Faisal Al Saud have discussed prospects of expanding economic and investment ties, the Foreign Ministry has reported.
During a phone call, the two ministers discussed the expansion of cooperation and fraternal bilateral ties and expressed their satisfaction in this regard. They emphasized that there is potential for further development of economic and investment ties.
Agreement was expressed on current joint projects between the two countries, as well as satisfaction with the results of the intergovernmental joint commission meeting held in December 2021.
Noting the project of Acwa Power of Saudi Arabia for the construction of a wind farm in Azerbaijan, Bayramov informed his colleague about the great potential of Azerbaijan in terms of alternative energy.
The parties also discussed issues of cooperation and mutual support within the framework of international organizations.
Jeyhun Bayramov noted with gratitude the support provided by Saudi Arabia to the just position of Azerbaijan based on international law in connection with the past conflict.
During the call, the minister invited his Saudi colleague to visit Azerbaijan. The latter thanked for the invitation, accepting it.
The parties expressed mutual congratulations on the occasion of the holy month of Ramadan and wished that this month be favorable for the entire Muslim world.
Views on other issues of mutual interest were also exchanged.
Azerbaijan and Saudi Arabia established a diplomatic relationship on February 24, 1992. Saudi Arabia was among the first countries that recognized Azerbaijan's independence on December 30, 1991. Moreover, Azerbaijan opened its embassy in Riyadh in April 1994 and the Saudi Arabia embassy operates in Baku since June 1999.
It should be noted that the trade turnover between Azerbaijan and Saudi Arabia amounted to $13.4 million in 2020. In addition, the trade turnover between the two countries amounted to $7.5 million in the first five months of 2021.
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