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Investment opportunities of Azerbaijan was presented in Saudi Arabia 13.12.19
Investment opportunities of Azerbaijan was presented in Saudi Arabia

The 4th meeting of the Working Group on cooperation between Azerbaijan and Saudi Arabia was held in Riyadh, Saudi Arabia.

Note that the Working Group operates within the Joint Commission between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia on cooperation in the fields of economy, trade, investment, technology, culture, sports, and youth. Co-chairs of the Working Group are Orkhan Mammadov, Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) of the Republic of Azerbaijan, and Badr al-Mufgaini, Head of International Cooperation Office of the Saudi Arabian General Investment Authority (SAGIA).

The information was delivered on the development of bilateral relations between the two countries in various fields, including small and medium businesses, and the activity of the Working Group for the past years and the exchange of views was held on cooperation perspectives at the meeting with relevant authorities of Azerbaijan and Saudi Arabia. At the event discussions were held to expand economic cooperation between Azerbaijan and Saudi Arabia, to organize joint events with the participation of SMBs representing both countries, the mutual exchange of information on the various sectors of the economy, participation opportunities for relevant authorities of Saudi Arabia in the SMB Development Fund under the Agency, and organization of mutual business missions.

A protocol was signed on the outcomes of the 4th meeting of the Working Group on Azerbaijan-Saudi Arabia cooperation at the end of the meeting. Orkhan Mammadov, co-chairman of the Working Group, Chairman of the Board of SMBDA, and Ibrahim Al-Suawi, Deputy Chairman of SAGIA, signed the document.

SMBDA delegation held meetings at several Saudi Arabia organizations providing services to SMBs within the meeting of the Working Group. Information was given on the development of the SMB sector in our country, the activities carried out in the field, as well as the activities of SMBDA, at the meetings organized with Saudi Development Fund, Islamic Corporation for the Development of the Private Sector (ICD), Small and Medium Enterprises General Authority, Saudi Arabian General Investment Authority (SAGIA), Riyadh Chamber of Commerce and Industry, and executive board of State Investment Fund. The relevant authorities of Saudi Arabia expressed interest in the activities of SMBDA, the existing support mechanisms of the Agency, and projects to be implemented, and opportunities for cooperation were reviewed at the meetings. At the meetings, discussions were held on exchange of experience, information, and potential investment projects, participation opportunities for relevant authorities of Saudi Arabia in the SMB Development Fund under the Agency, establishment of joint ventures, organization of mutual visits with the participation of SMBs respectively to establish effective, and productive links between SMBs of both countries. Islamic Corporation for the Development of the Private Sector (ICD) highly appreciated the reforms held in Azerbaijan in various fields, including the financial sector, and an exchange of views was held with the representatives of SMBDA to organize a joint event in the financial sector in our country. An agreement was reached at the meeting with Small and Medium Enterprises General Authority on the development of a roadmap for joint activities that would address issues such as exchange of experience and technical support. At a meeting between representatives of SAGIA and SMBDA, existing cooperation within the Joint Commission and the Working Group was positively assessed, organization of the business forum and the establishment of the Business Council with the participation of SMBs of both countries were debated. Organizing mutual visits with the participation of SMBs, their participation in the exhibitions in our country and Saudi Arabia and the opportunities were discussed to organize other events in such a format at the meeting with the Riyadh Chamber of Commerce and Industry.

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