Page 488 - MOE ENGLISH PR REPORT - AUGUST 2024

Both parties discussed ways to strengthen collaboration in the areas of digitalisation, 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 the means 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 organising
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 US$1.64 billion (AED6 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.

The UAE’s investments in Azerbaijan are estimated at $1.1 billion by the end of 2022, which
makes the UAE the largest Arab and seventh largest global investor in Azerbaijan. Meanwhile,
Azerbaijani investments in the UAE amounted to over $210 million as of the end of 2021.

https://wam.ae/en/article/b4geiqs-uae-azerbaijan-agree-develop-economic-partnership