Saudi Arabia expanding trade relations with Azerbaijan

Co-chair of the Azerbaijan-Saudi Arabia Joint Business Council Ahmed Ali Al-Dakhil has said that the trade turnover between Saudi Arabia and Azerbaijan does not fully reflect the potential.

Ahmed Ali Al-Dakhil made these remarks during the council's fifth meeting in Baku, Caliber.Az reports, citing local media.

He noted that last year's trade volume between the two countries reached $13 million.

"We have the capacity to increase this figure significantly. I hope that in the near future, our countries can substantially enhance trade relations. Saudi Arabia is keen to explore investment opportunities in Azerbaijan. The Joint Business Council is committed to deepening bilateral cooperation and has achieved positive results in expanding ties," he said.

Meanwhile, Azerbaijani Deputy Economy Minister Elnur Aliyev has said that Azerbaijan plans to establish a Trade House in Saudi Arabia, either in Riyadh or Jeddah.

Aliyev made these remarks at the same meeting, emphasising that relevant organisations are actively working in this direction. "In recent years, our trade and economic relations have been developing steadily," he added. 

The Azerbaijan-Saudi Arabia Joint Business Council serves as an effective platform for leveraging opportunities to enhance investment cooperation and increase bilateral trade turnover.

By Naila Huseynova