Azerbaijani economy minister proposes joint sovereign investment fund with Saudi Arabia

A snapshot of the meeting

Azerbaijani Economy Minister Mikayil Jabbarov proposed creating a joint sovereign investment fund with Saudi Arabia to boost investment in priority sectors of both countries' economic agendas and in third-party regions.

This proposal arose during Jabbarov's meeting with Hassan Alhwaizy, Chairman of the Federation of Saudi Chambers (FSC), who is leading a delegation of Saudi businessmen exploring investment opportunities in Azerbaijan, the Saudi Press Agency (SPA) reported.

Jabbarov highlighted the presence of major Saudi companies, including Saudi Aramco, SABIC, and ACWA Power in Azerbaijan, as well as key players in the tourism sector, demonstrating the strength and attractiveness of Azerbaijan's investment climate.

On his part, Alhwaizy stressed the importance of signing a bilateral investment protection agreement between the two nations to create a safe hub of investment flows.

He also expressed FSC's readiness to support the organization of a regional exhibition to showcase Saudi products in Azerbaijan, which would significantly boost the showcase of high-quality Saudi goods in regional markets. He also affirmed that the Saudi business sector's readiness to invest in the Azerbaijani market.

Additionally, the ministers’ discussions focused on ramping up Saudi investments across various sectors such as oil, renewable energy, tourism, infrastructure, livestock, agriculture, and mining.

The meeting also explored opportunities for Azerbaijani companies to participate in mega infrastructure projects in Saudi Arabia and to export food products to the Kingdom.

Both sides agreed on the necessity of providing incentives and facilitating procedures for Saudi investors to lure investments into Azerbaijan's free economic zones.

Azerbaijan's Minister of Finance, Samir Sharifov, announced significant incentives and facilities for Saudi investors, including cost-free lands in the manufacturing sector and guarantees for easing fund transfers amid the stability of the Azerbaijani currency.

He also proposed organizing a grand regional exhibition to showcase Saudi products in Azerbaijan and neighboring countries.

The joint sovereign investment fund is expected to enhance investment in sectors prioritized by both nations and third parties, Sharifov noted.