Azerbaijan will host a joint business forum with Saudi Arabia in order to discuss prospects of cooperation during a visit of the Saudi Arabian Minister of Commerce and Industry, Tawfiq bin Fawzan Al Rabiah, to Baku in May.
The upcoming visit was discussed at a meeting of Shahin Mustafayev, Economy and Industry Minister, at a meeting with the ambassador of Saudi Arabia in Azerbaijan, Mesaad bin Ibrahim al-Sulaim.
Azerbaijan and Saudi Arabia have the opportunity to expand cooperation in the petrochemical and agricultural areas as well as in the fields of tourism, investment and creation of joint investment funds, Mustafayev said.
“The economic as well as political relations between the two countries are at high level, and mutual visits play an important role in their development, in particular the recent visit of President Ilham Aliyev to Saudi Arabia,” he added, noting the potential for further expansion of economic relations.
In his turn, the ambassador stressed that his country attached great importance to relations with Azerbaijan, saying they were interested in boosting economic-trade ties with Azerbaijan.
Azerbaijan’s State Customs Committee reported the trade turnover between Azerbaijan and Saudi Arabia amounted to $2.35 million in the first quarter of 2015, which is fully accounted for imports from Saudi Arabia. The trade turnover increased by 2.6 percent this year compared to the same period in 2014.
The last visit of the Azerbaijani head of state to Saudi Arabia showed that the two countries are looking to develop cooperation in all spheres.