Page 511 - 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 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

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