Page 500 - MOE ENGLISH PR REPORT - AUGUST 2024

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.

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.

The UAE and Azerbaijan expressed their interest in organising 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.

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.

https://en.aletihad.ae/news/uae/4504375/uae--azerbaijan-agree-to-develop-economic-
partnership