Saudi Arabia and Azerbaijan finalized MoUs on Tuesday to foster economic ties by promoting the growth of small and medium-sized enterprises. The initiative emphasizes the two nation’s dedication to advancing trade and investment relations.
During the 8th session of the Saudi-Azerbaijani Joint Committee in Riyadh, Saudi Arabia’s Small and Medium Enterprises General Authority, Monsha’at, and Azerbaijan’s Small and Medium Business Development Agency, KOBIA, finalized the memorandum of understanding to strengthen collaboration.
The meeting was jointly chaired by Samir Sharifov, Azerbaijan’s Deputy Prime Minister, and Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment.
As reported by News(dot)Az, citing KOBIA, the event prioritized enhancing connections across diverse sectors such as economy, trade, investment, technology, culture, sports, and youth development.
Officials and entrepreneurs from both countries attended the meeting, with around 30 Azerbaijani companies and business associations represented across industries such as manufacturing, agriculture, construction, pharmaceuticals, logistics, tourism, and renewable energy.
The agreement supports Saudi Arabia’s Vision 2030 goals of economic diversification and promotion of entrepreneurship. For Azerbaijan, it represents progress in building Gulf partnerships to augment private-sector development and expand market access for innovative businesses.
The MoU also covers a diverse range of initiatives, such as collaborative training programs and advancing technical innovation. Furthermore, it seeks to enhance investment prospects, encourage cross-border partnerships, and deepen institutional ties through exhibitions and joint platforms.
In a separate announcement, the Saudi Ministry of Investment disclosed the signing of two additional Mous between private sectors. The agreements focus on the development of maritime infrastructure, industrial and medical facilities, the production of biotechnology and oncology medicines, the establishment of research and development centers, and the construction of re-export warehouse infrastructure.
Saudi and Azerbaijan officials highlighted the vital role of SME ecosystems in driving jobs, innovation, and competitiveness at the event.
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