Azerbaijan To Expand Business Ties with Saudi Arabia

Recently, Azerbaijan Export & Investment Promotion Foundation (AZPROMO) organized the next export mission to Riyadh, the capital city of Saudi Arabia, to promote Azerbaijani local products under the Made in Azerbaijan brand.

As many as 28 Azerbaijani companies, operating in sweets, fruit juices, dried fruits, honey, mineral waters, textiles, construction materials production and tourism came to Riyadh as part of the mission, AZERTAC reports.

At the meetings with representatives of Saudi Arabia engaged in the supply of food, drink, dairy products as well as companies involved in tourism and construction areas, representatives of Azerbaijani companies informed about local products and discussed their delivery and sale.

Saudi Arabia has shown great interest in Azerbaijani products, especially in food and agricultural ones. Within the framework of the export mission, Azerbaijan’s Az-Granata and Saudi Arabia’s Al Rabie have agreed to cooperate.

Moreover, the sale of Confirm, Bolluk and Shirin companies’ products at Panda market network was discussed.

In addition, the sides considered the expansion of cooperation between tourist companies of Azerbaijan and Saudi Arabia.

At the other meetings held by Ambassador Shahin Abdullayev at the Chamber of Commerce and Industry of Riyadh, Saudi Arabia proposed to organize several export missions in the future, as well as to expand ties with the Azerbaijani companies (agriculture, tourism, real estate, industry, etc.).

According to the State Customs Committee of Azerbaijan, the trade turnover with Saudi Arabia for ten months of 2018 amounted to $ 15.476 million, which is 5.7 percent more than in the same period of last year. During the reporting period, Azerbaijan exported products for $727,000 to Saudi Arabia, while imports amounted to $ 14.749 million.

Saudi Arabia’s state-owned and private companies invested $ 368 million in Azerbaijan’s economy.

Export missions are a supporting measure to identify opportunities for accessing new markets, strengthen local product positions in existing markets and provide these markets with new products.

During 2018, export missions to Russia, Switzerland, China, Kazakhstan, Mongolia, Turkey, Bulgaria, and Germany have already been sent.

The last export missions studied the opportunities in the Gulf countries, Saudi Arabia and the United Arab Emirates (UAE).

As many as 25 export missions are expected to be organized in 2019. Local entrepreneurs will participate in major trade fair in Russia, UAE and Germany in February. The new market at which Azerbaijan aims is South Korea, Azerbaijan will be participating in the food fair there in May 2019.

The export of non-oil products will stimulate the expansion of the Azerbaijani products and will further strengthen the non-oil sector’s share in the structure of the GDP, which is the main goal of the country’s leadership.

Originally published on www.azemnews.az