Azerbaijani Economy Minister proposes establishing a sovereign investment fund with the Kingdom

Azerbaijani Economy Minister Mikail Jabbarov called for establishing a joint sovereign investment fund between the Kingdom and Azerbaijan, which would contribute to enhancing investment in priority sectors on the economic agenda of the two countries and a third party.

This came during his meeting with Hassan bin Mujib Al-Huwaizi, Chairman of the Federation of Saudi Chambers, who is heading a delegation of Saudi businessmen on a visit to Azerbaijan to explore available investment opportunities.

He explained that large Saudi companies such as Aramco, SABIC, Aquapower and companies operating in the tourism sector are present in Azerbaijan, which is evidence of the strength and attractiveness of the investment environment.

For his part, Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers, stressed the need to sign an agreement to protect investments between the Kingdom and Azerbaijan to provide a safe environment that supports the flow of investments between the two countries. Discussions focused on enhancing Saudi investments in the Azerbaijani market in the sectors of petroleum, renewable energy, industry, tourism, infrastructure, livestock, agriculture and mining.

The meeting touched on ways to enable Azerbaijani companies to undertake major infrastructure projects in the Saudi market and export food products to the Kingdom.

The two sides agreed on the need to provide incentives and facilities to Saudi investors to encourage them to invest in the free economic zones in Azerbaijan.