Page 524 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:49 PM UAE And Azerbaijan Agree To Develop Economic Partnership In The Sectors Of Entrepreneurship, Tourism, New Economy, Techno…
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.

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),

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