Baku, Riyadh sign key agreements in pharmaceuticals and shipping sectors

Azerbaijan and Saudi Arabia have officially signed documents aimed at deepening cooperation in the pharmaceutical and shipping industries.

According to Azerbaijan’s Agency for the Development of Small and Medium Enterprises (KOBİA), these agreements were signed during the 6th meeting of the Azerbaijan-Saudi Arabia Joint Business Council, which took place in Riyadh, Caliber.Az reports, citing local media.

The documents include a memorandum of understanding in the pharmaceutical sector, signed between Azerbaijan’s Parla Pharmaceuticals and Saudi Arabia’s National Development Group Holding. Additionally, an agreement concerning shipping was signed between Azerbaijan's ADO-G and Saudi Arabia’s SMI/BLUE MASAR.

The signing ceremony was part of the larger meeting organised by KOBIA in collaboration with the Federation of Saudi Chambers. 

The event brought together key officials and business leaders from both countries, including approximately 30 representatives from Azerbaijani companies and business associations. These included participants from various sectors such as industry, agriculture, construction, pharmaceuticals, services, architecture and design, logistics, tourism, and renewable energy.

During the meeting, the participants engaged in discussions about how to utilise the opportunities presented by the Azerbaijan-Saudi Arabia Joint Business Council to facilitate joint initiatives and projects involving business communities from both nations. There were also talks aimed at expanding future cooperation.

As part of the event, a presentation was made by ACWA Power, and B2B (business-to-business) meetings were held to further strengthen ties and explore new opportunities for collaboration between the two countries.

 By Tamilla Hasanova