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Thursday 17 Dec 2015 - 12:18 Makkah mean time-6-3-1437
Riyadh, (IINA) - The fourth meeting of the joint commission of Saudi Arabia and Azerbaijan, which held here on Tuesday, sought to improve bilateral cooperation. Delegations from both sides exchanged views and information on the current economic situation in respective countries and reviewed the current status of cooperation, Arab News reported.
Saudi Arabian General Investment Authority (SAGIA) Governor Abdullatif Al-Othman and Azerbaijan’s Minister of Economy and Industry Shahin Mustafayev jointly chaired the session. The two sides explored strategies to deepen the economic and commercial relationship between the two countries. They noted the religious, cultural, and intellectual histories shared by both the countries.
They agreed to organize mutual business forums, exchange of information on exhibitions, conferences and business events in both countries and invite each business community from both the countries in order to help expand trade relations, increase the volume of commerce, increase visits between businessmen and explore the feasibility and benefits of establishing a Saudi-Azerbaijan joint business council.
Moreover, the two sides noted the importance of the current cooperation level between the security organs of the two countries and agreed on organizing mutual business visits of the heads of the services, and reviewing matters for ensuring the security of the big economic projects to be held in the region and international events of OIC countries.
Al-Othman pointed that the input from the private sector and the Organization of Islamic Cooperation (OIC) have given a roadmap to increasing the bilateral commercial activity.
On his side, Mustafayev said that the session will build upon the work of the last meeting of the committee. He said: “We made progress on eliminating double taxation and improved the linkages for bilateral investment. Despite starting at a low level, commercial exchanges between our countries have been on the rise, reaching almost $ 400 million to date invested in Azerbaijan by Saudi enterprises. We look forward to strengthening this relationship to build more bridges between the countries of the Islamic world”.
The SAGIA governor said that the meeting was very positive and both sides agreed on the need to increase the volume of bilateral trade exchanges in terms of quantity as well as quality and work for better coordination in order to facilitate the procedure for the entry of goods and products.
"There are opportunities for us to collaborate in petrochemicals, agriculture, tourism, education, healthcare and culture. We have a historic relationship with Azerbaijan and the entire Central Asian countries," he added.
AG/IINA
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