Muscat: Azerbaijan’s Minister of Economy, Mikayil Jabbarov, during his visit to Oman, held discussions with Said bin Mohammed bin Ahmed Al Sagri, Oman’s Minister of Economy, to further enhance economic ties between the two nations.

According to Azerbaijan State News Agency, the discussions underscored the significance of bolstering economic relations and expanding the contractual and legal framework for bilateral cooperation. The formation of the Azerbaijan-Oman Joint Business Council and the Working Group on Investment Cooperation was acknowledged as a pivotal move in advancing economic collaboration.

Minister Jabbarov also engaged with Abdulsalam bin Mohammed Al Murshidi, President of the Oman Investment Authority, to deliberate on the current state of economic cooperation and explore avenues to deepen bilateral partnerships. The meetings included discussions on fostering mutual investments, expanding joint investment activities regionally, and improving cooperation mechanisms to strengthen business ties.

A key outcome of the visit was the signing of a Shareholders’ Agreement between the Azerbaijan Investment Holding and the Oman Investment Authority, establishing the Azerbaijan-Oman Direct Investment Fund. The Fund, valued at 200 million US dollars, aims to serve as a crucial platform for enhancing bilateral investment cooperation and promoting economic growth. It will target strategic investment projects in Azerbaijan, Oman, Central Asia, and other regions, focusing on sectors such as the food industry, healthcare, renewable energy, consumer goods, and logistics.