Azerbaijan and Saudi Arabia Discuss Development of Economic Cooperation

Business Materials 14 August 2007 15:51 (UTC +04:00)

Azerbaijan, Baku /corr. Trend / Azerbaijan and Saudi Arabia have discussed the issue regarding the development of relations between entrepreneurs of the two countries, joint implementation of projects, as well as the expansion of trade relations. Heydar Babayev, the Minister for Economic Development of Azerbaijan, and Sead Nehar al-Baddah, head of the delegation of the National Committee of Saudi Arabia, met on 13 August.

During the meeting Heydar Babayev noted that Azerbaijan had become one of the world leaders regarding economic development. The economic growth from 2006 makes up 34.5%. In 2006 some $7.6bln was invested in the development of the Azerbaijani economy. The volume of investments for the first quarter of 2007 amount to $3.1bln.

Heydar Babayev reported on the priorities of oil development in Azerbaijan and invited enterprises from Saudi Arabia to participate in the implementation of projects in Azerbaijan. The meeting was attended by Natik Mammadov, the Deputy Minister Labour and Social Protection of Population and Ali Hasan Jafarov, Ambassador of Saudi Arabia to Azerbaijan.