Saudi Arabia is interested in increasing the trade turnover with Azerbaijan, Minister of Commerce and Industry of Saudi Arabia Tawfiq bin Fawzan Al Rabiah said at the Azerbaijani-Saudi Arabian business forum in Baku May 15.

“Although Azerbaijan and Saudi Arabia signed the intergovernmental agreements on elimination of double taxation and protection of investments, the trade turnover between our countries is at a very low level and we are here to fix the situation,” he said.

During his speech, the minister expressed confidence that further meetings, in particular, the joint business forum to be held in Saudi Arabia in November 2015 will expand cooperation between the two countries.

“We are ready to receive all Azerbaijani businessmen willing to take part in the business forum in Saudi Arabia,” he said. “Their visit will be very useful as we will hold useful meetings. We will work in the areas of interest to us. This will further expand the relations between our countries.”

The business forum is supported by the Ministry of Economy and Industry of Azerbaijan. It brings together the representatives of over 100 companies of Saudi Arabia.

According to the State Customs Committee of Azerbaijan, the trade turnover between Azerbaijan and Saudi Arabia amounted to $14.66 million as of 2014, which is two times less compared to 2013. Some $14.5 million accounted for the imports of Saudi Arabian goods to Azerbaijan in 2014.