Page 494 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:46 PM UAE and Azerbaijan agree to develop economic partnership in the sectors of entrepreneurship, tourism, new economy, technology, …
In detail, both parties agreed to establish joint work teams consisting of members from relevant entities
from both sides to explore further opportunities for economic collaboration in priority sectors at both
government and private sector levels. They will also provide comprehensive support for exporters and
importers to facilitate and enhance the exchange of goods and services, as well as to diversify them.

This is particularly significant given that the UAE serves as a vital trade gateway, facilitating the
movement of Azerbaijani exports to regional markets. The meeting also explored promising investment
opportunities in the food and manufacturing industries and sought to create new communication

channels between the two business communities.

Entrepreneurship and SMEs

The UAE and Azerbaijan explored the potential for implementing tailored programs and initiatives to
boost the growth of startups in both markets. The discussions focused on enhancing investment
opportunities and enabling exports to access new markets. The two sides agreed on the importance of
motivating SME-owners and entrepreneurs to invest in new economy sectors, thereby increasing their

contributions to the GDP of both nations.

Tourism

The UAE and Azerbaijan expressed their interest in organizing joint tourism exhibitions, events, and
conferences to highlight the key tourism and historical attractions of both countries and to leverage their

diverse tourism offerings The collaboration is expected to boost tourism inflows from across the globe,
particularly given that there are over 185 flights connecting the two destinations every month, operated
by the UAE's national carriers.

Digitalization and Innovation

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.

Agriculture and Food Security

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.

Energy and Renewable Energy

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

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