Page 508 - 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, …
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.

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.

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