Page 504 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:47 PM UAE and Azerbaijan agree to develop economic partnership in the sectors of entrepreneurship, tourism, new economy, technology, …
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 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.

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