Page 499 - MOE ENGLISH PR REPORT - AUGUST 2024

These relations are characterised by the frequent exchange of high-level visits between the two
countries.

The most recent of them was the visit of President His Highness Sheikh Mohamed bin Zayed Al
Nahyan to Azerbaijan last January, during which, MoUs were signed between the two countries
in areas of mutual interest.

He said, "The latest JIC session is a key milestone in strengthening the economic ties between
the UAE and Azerbaijan. The meeting discussed several vital economic sectors that have the
potential to drive the sustainable development of both economies. We are keen to work closely
with our Azerbaijani partners to open up new avenues for collaboration and create diverse
opportunities in various sectors, thereby supporting the sustainable growth of both economies.”

During the meeting, Bin Touq reviewed the opportunities and advantages offered by the UAE’s
business environment, most notably the amendments made to the Commercial Companies Law
to allow 100 percent foreign ownership.

The amendment led to the registration of more than 275,000 new companies in the UAE within
a year and a half.

Thus, the total number of companies operating in the UAE exceeded 788,000 by the end of
2023.

In addition to this, visa and residency systems were revamped, and self-employment and green
residency routes were introduced, thereby promoting the country's attractiveness to talents,
competencies, and entrepreneurs in various strategic sectors.

Bin Touq urged the Azerbaijani private sector to capitalise on the flexible and competitive
policies offered by the UAE’s business environment, which facilitate the establishment and
launch of new ventures.

He noted that the recent updates made to various legislations, including the family businesses
law, commercial agencies, cooperatives, and trade through modern technology means, have
contributed to ensuring a more supportive business climate.

Furthermore, he emphasised the UAE's commitment to driving sustainable economic growth
through promoting a circular economy, particularly highlighting the ‘UAE Circular Economy
Agenda 2031.’

The agenda is key to enhancing sustainability in the country’s development journey through the
next decade.

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

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