RIYADH: In a move to elevate economic and investment cooperation between Saudi Arabia and Azerbaijan, top business leaders from both countries are set to assemble for an investment forum in the Azerbaijani capital, Baku, on Dec. 19. 

The Saudi-Azerbaijan Investment Forum will discuss how both countries can increase their potential cooperation and collaboration in the areas of mutual interest and review investment opportunities, Saudi Press Agency reported.  

The agenda of the forum includes presentations on investment in both countries as well as discussions aimed at bolstering bilateral relations in various fields.  

This comes as ties between both countries have further deepened over the last few years. 

Earlier this year, in February, Azerbaijan’s Ambassador to Saudi Arabia, Shahin Abdullayev held a meeting with the Saudi-Azerbaijani Parliamentary Friendship Committee of the Shoura Council in Riyadh.  

The meeting was held under the co-chairmanship of Faiz Al-Shehri, council member and head of the committee, and examined ways to strengthen parliamentary relations between the two countries. 

The two sides stressed the importance of enhancing bilateral cooperation and affirmed the existence of many areas that strengthen and develop relations between the two countries. Al-Shehri hailed Saudi-Azerbaijani relations and affirmed the Kingdom’s keenness to strengthen and develop them to serve mutual interests. 

Moreover, in October, Saudi Foreign Minister Faisal bin Farhan Al Saud and his Azerbaijani counterpart Jehon Bermov celebrated 30 years of diplomatic relations between the countries at a ceremony held at the Azerbaijani Ministry of Foreign Affairs in Baku.  

In his opening speech at the ceremony, Bermov announced his country’s support for the Kingdom’s candidacy to host Expo 2030 in Riyadh.   

In turn, Al Saud emphasized numerous areas in which the Kingdom and Azerbaijan have collaborated, most notably in the energy sector. These include the signing of a memorandum of understanding in 2022 to cover electricity generation in the Caspian Sea, as well as Saudi Arabia’s $300 million investment in the Absheron-Khizi wind power plant, which seeks to produce 240 megawatts of electric power. 

Last year, a delegation from Azerbaijan met with the Saudi Minister of Investment highlighting the opportunities for cooperation in energy, agriculture, tourism and mining as priority areas of economic cooperation.