Azerbaijan Proposes Sovereign Investment Fund Jointly with Saudi Arabia

Azerbaijan's Minister of Economy Mikayil Jabbarov has proposed the establishment by Azerbaijan and Saudi Arabia of a joint sovereign investment fund that will boost investment in priority sectors of the economies and in third-party projects. The proposal was discussed during a meeting he held here today with Chairman of the Federation of Saudi Chambers Hassan Al-Huwaizi who is leading a Saudi delegation of business leaders on a visit to Azerbaijan to explore investment opportunities. Jabbarov noted that the presence of major Saudi companies such as Aramco, SABIC, and Aqwapor, as well as of firms in the tourism sector, underscores the attractive investment climate in the country. Al-Huwaizi underlined the importance of signing an Investment Protection Agreement between Saudi Arabia and Azerbaijan, to ensure a secure environment that encourages investment in the two countries. Discussions also focused on increasing Saudi investment in various sectors in Azerbaijan, such as oil, renewable energy, industry, t ourism, infrastructure, livestock, agriculture, and mining, as well as the opportunities Azeri companies have to participate in large-scale infrastructure projects and export foodstuff to Saudi Arabia. The two sides acknowledged the importance of providing incentives and support to encourage Saudi investment in Azerbaijan's free economic zones. Source: Saudi Press Agency