Page 495 - MOE ENGLISH PR REPORT

Page 495 - MOE ENGLISH PR REPORT - AUGUST 2024

P. 495

8/14/24, 2:46 PM UAE and Azerbaijan agree to develop economic partnership in the sectors of entrepreneurship, tourism, new economy, technology, …
launch new projects, particularly in power generation, and for organizing workshops for experts from
both countries on energy efficiency improvement.

Investment and Trade Relations between the UAE and Azerbaijan

The UAE is Azerbaijan's number one trading partner in the Arab world, accounting for 40 per cent of its
trade with the region. In 2023, the value of non-oil trade between the two countries surpassed USD 1.64

billion (AED 6 billion), reflecting an impressive growth of 68 per cent 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 USD 617 million (AED 2.3 billion), reflecting a 62 per cent
growth compared to the same period in 2023.

The UAE’s investments in Azerbaijan are estimated at USD 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 USD 210 million as of the end of 2021.

For further information, please contact:
Orient Planet Group (OPG)

Email: media@orientplanet.com
Website: www.orientplanet.com