In what economists call a complementary partnership, oil-rich Azerbaijan plans on solidifying its relations with Costa Rica, which is globally known for its agricultural prowess.

Azerbaijan president Ilham Aliyev and Costa Rican Minister of Foreign Affairs and Religion Manual Gonzalez Sanz met and discussed their economic relations particularly in the oil and gas field.

According to Sanz, the rapid rehabilitation and construction that Azerbaijan undertook in its capital, Baku, have left a favorable impression on him. This particular feat is the reason why the Foreign Affairs and Religion Minister was keen on developing deeper ties with Azerbaijan. Costa Rica may be the 4th most competitive country in Latin America according to a 2012 study but it still hasn’t discovered a source for fossil fuels.

A Land of Potential

Azerbaijan’s Baku is a big player in the oil industry. It currently produces one fifth of the oil that the world uses, making it one of the most important cities in the entire world. Big companies who work in the oil and gas field have a base in the capital including oil construction giant Unaoil, which was formally added as an IBBC member recently.

President Aliyev discussed his country’s experience when it comes to the oil and gas industry, and presented its accomplishments as a nation with a national oil strategy. He also talked about the opportunities presented to the State Oil Fund of Azerbaijan (SOFAZ) when it comes to investing in the country with Israfil Mammadov , the Deputy Executive Director for SOFAZ.

Additionally, Sanz introduced Costa Rica’s achievements in diversifying its business opportunities to foreign businesses. A country that’s main exports are coffee and bananas, Costa Rica is now slowly becoming a hub for other business sectors. Intel Corporation, which built a $300 million microprocessor plant, and Procter & Gamble, which established an administrative center for the Western Hemisphere in the country, are just two of the multinational companies that saw an opportunity in Costa Rica.

A Controversial Partnership

When asked about his position with the controversial Azerbaijan-Armenia Nagorno-Karabakh conflict, Sanz said that he believes in the UN’s ability to solve it peacefully.

[quote_center]”All conflicts must be resolved peacefully.[/quote_center]

Sanz continues, “We believe in international law and support the efforts of the international community to resolve the conflict. We support the UN Security Council’s all resolutions on the conflict.”