Page 530 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:49 PM UAE and Azerbaijan agree to boost economic partnership
Entrepreneurship and SMEs
The UAE and Azerbaijan explored the potential for implementing tailored programmes 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 organising 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.

Digitalisation and Innovation
Both parties discussed ways to strengthen collaboration in the areas of digitalisation, 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 organising workshops for experts from both countries on energy efficiency
improvement.

Investment and trade relations
The UAE is Azerbaijan's number one trading partner in the Arab world, accounting for 40% of its trade with the
region. In 2023, the value of non-oil trade between the two countries surpassed $1.64 billion (AED6 billion), reflecting
an impressive growth of 68% 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 $617 million (AED2.3 billion), reflecting a 62% growth compared to the same period in
2023.

The UAE’s investments in Azerbaijan are estimated at $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 $210 million as of the end of 2021.--TradeArabia News Service

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