On October 1, 2024, in Baku, a significant development took place as Azerbaijani Minister of Finance Samir Sharifov announced a package of incentives to attract Saudi investors to the country. The announcement was made during a meeting with Chairman of the Federation of Saudi Chambers Hassan Al-Huwaizi and his accompanying business delegation, who are exploring investment opportunities in Azerbaijan.
The incentives offered by Sharifov include substantial benefits in the manufacturing sector, such as free land grants for investors and guarantees for the smooth entry and exit of funds. The stability of the Azerbaijani currency is a major factor behind this offer, providing a favorable environment for foreign investors. Additionally, Sharifov proposed establishing a large regional exhibition to showcase Saudi products in Azerbaijan and surrounding countries, which would provide an opportunity for Saudi companies to increase their presence in regional markets.
Azerbaijani Minister of Economy Mikayil Jabbarov emphasized the strong presence of Saudi companies in Azerbaijan, with major firms such as Aramco, SABIC, ACWA Power, and companies in the tourism sector already operating in the country. He highlighted the attractiveness of Azerbaijan's investment environment and the potential for further growth and cooperation between the two nations.
The proposal for a joint sovereign investment fund between Azerbaijan and Saudi Arabia was also discussed during the meeting. The fund aims to enhance investment in priority sectors on both countries' economic agendas, such as manufacturing, energy, and infrastructure. The fund would facilitate cooperation and knowledge sharing between the two nations, ultimately leading to increased economic growth and prosperity.
In response to the proposal for a regional exhibition of Saudi products in Azerbaijan, Al-Huwaizi expressed the federation's readiness to support the initiative. He viewed it as a significant opportunity for high-quality Saudi goods to enter regional markets and emphasized the commitment of the Saudi business sector to investing in the Azerbaijani market. The meeting between Sharifov and Al-Huwaizi marks an important step forward in strengthening economic ties between Azerbaijan and Saudi Arabia, paving the way for future cooperation and investment opportunities.
