Page 470 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 4:55 PM UAE cements economic cooperation with Azerbaijan
Both parties discussed ways to strengthen collaboration in the areas of

digitalization, innovation, and technology. The need to exchange

insights on the development of an innovative ecosystem and promote

cooperative efforts between the government entities focused on AI and

innovative solutions in both countries was highlighted.

The UAE and Azerbaijan explored ways to strengthen cooperation in

food security and agriculture through increased trade in food products

as well as agricultural and livestock goods. The two sides also reviewed

the latest trends in the agricultural sector.

The strengthening of cooperation and investment exchanges in the

energy and renewable energy sectors was another major area of focus.

The JIC session further explored prospects for partnerships to launch

new projects, particularly in power generation, and for organizing

workshops for experts from both countries on energy efficiency

improvement.

The UAE is Azerbaijan’s number one trading partner in the Arab world,

accounting for 40 percent of its trade with the region. In 2023, the

value of non-oil trade between the two countries surpassed $1.64

billion (AED 6 billion), reflecting an impressive growth of 68 percent

compared to that of 2022.

Preliminary figures also suggest a rise in non-oil trade between the two

countries during the period from January to April 2024, which has

reached $617 million (AED2.3 billion), reflecting a 62 percent growth

compared to the same period in 2023.

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