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UAE, Azerbaijan agree to develop economic partnership

Friday, 2 August 2024 08:06

By ARN News Staff

WAM

The UAE and Azerbaijan have agreed to enhance their economic partnership across multiple sectors, including entrepreneurship, tourism, aviation, technology and renewable energy.

The decision was announced following a recent session of their Joint Intergovernmental Commission on trade and technical cooperation.

Minister of Economy Abdullah bin Touq Al Marri encouraged the Azerbaijani private sector to take advantage of the UAE's flexible business environment, citing recent legislative updates that support new ventures.

Key outcomes included the formation of joint work teams to explore collaboration opportunities, support for exporters, and initiatives to boost startup growth.

The UAE is Azerbaijan's top Arab trading partner, accounting for 40% of trade. In 2023, non-oil trade reached $1.64 billion, up 68%. The UAE has invested $1.1 billion in Azerbaijan, while Azerbaijani investments in the UAE exceeded $210 million by 2021.

 

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