Page 51 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

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.

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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