Azerbaijan discusses industrial park investments with Saudi delegation

Azerbaijan discusses industrial park investments with Saudi delegation

Azerbaijan's Economy Minister Mikayil Jabbarov met with a delegation from Saudi Arabia to discuss potential investments in Azerbaijani industrial parks / bne IntelliNews

By bne Gulf bureau October 1, 2024

Azerbaijan's Economy Minister Mikayil Jabbarov met with a delegation from Saudi Arabia to discuss potential investments in Azerbaijani industrial parks, the minister said in a social media post on October 1.

Jabbarov, writing on his X account, stated that the talks focused on promoting mutual investments, trade relations and the establishment of joint ventures.

"Special attention was paid to the opportunities for Saudi investors to participate as residents in Azerbaijan's industrial parks," Jabbarov wrote.

The minister emphasised that strengthening joint activities is crucial for economic diversification and ensuring sustainable development in both countries.

The meeting comes as Azerbaijan seeks to attract foreign investment to boost its non-oil sectors and reduce dependence on hydrocarbon exports.

Saudi Arabia, meanwhile, has been looking to diversify its own investments as part of its Vision 2030 economic transformation plan.

Azerbaijan has been developing industrial parks as part of its strategy to modernise and diversify its economy.

These parks offer various incentives to resident companies, including tax breaks and simplified administrative procedures.

Neither side has yet disclosed specific investment figures or timelines resulting from the discussions.

#bnm #Saudi #Azerbaijan #Business

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