BAKU, Azerbaijan, March 18. In the course of a business visit to Israel led by Mikayil Jabbarov, Azerbaijan's Minister of Economy, officials engaged in talks aimed at strengthening the economic relationship between the two countries, Trend reports via Azerbaijani Ministry of Economy.
Moreover, a Memorandum of Understanding (MoU) was also signed between the State Oil Company of Azerbaijan Republic (SOCAR) and Israel's Union Energy.
Jabbarov’s visit included a meeting with Israeli President Isaac Herzog, where the two leaders underscored the long-standing historical and cultural bonds between their nations. The leaders highlighted the strategic partnership between Azerbaijan and Israel, a relationship that has flourished under their respective governments. Discussions centered around expanding bilateral economic cooperation and the prospects for broader multilateral engagement, particularly as Azerbaijan increasingly serves as a gateway to Central Asia.
The visit also saw a key meeting between Jabbarov and Eli Cohen, Israel’s Minister of Energy and Infrastructure. The two officials praised the effectiveness of their energy collaboration, noting SOCAR’s vital role in Israel’s energy security. They expressed a commitment to further enhance cooperation, particularly in utilizing Azerbaijan’s expertise in gas field development. Both sides also evaluated ongoing and future economic projects, with energy remaining a priority on the bilateral agenda.
In a notable development, SOCAR and Union Energy signed a Memorandum of Understanding (MoU) during the trip. The MoU outlines joint exploration efforts within Israel’s Exclusive Economic Zone (EEZ), marking SOCAR’s first exploration initiative outside of Azerbaijan. The licenses for exploration were presented during a ceremony attended by Jabbarov, SOCAR President Rovshan Najaf, and Minister Cohen, positioning SOCAR for expanded international influence in the energy sector.
Jabbarov also met with Israel’s Minister of Economy and Industry, Nir Barkat, to discuss the growing scope of economic collaboration between the two nations. The ministers focused on enhancing investment opportunities, with Azerbaijan offering a favorable business climate and highlighting potential areas of cooperation in digital technology, industrial zones, and business networking.
Further discussions with Israel’s Foreign Minister, Gideon Sa'ar, revolved around the future of Israel-Azerbaijan strategic relations, with both parties emphasizing the importance of strengthening economic and trade ties. Additionally, a final meeting with Israel’s Finance Minister Zeev Elkin addressed how to improve the work of the Joint Commission between the two governments and boost bilateral trade and investment opportunities.
As Azerbaijan and Israel advance the expansion of their economic partnership, this visit has laid the foundation for a range of initiatives that are expected to play a pivotal role in shaping the future of energy, trade, and investment between the two nations.
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