Page 536 - MOE ENGLISH PR REPORT - AUGUST 2024

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.

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.

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.

The UAE is Azerbaijan's number one trading partner in the Arab world, accounting for 40 percent of its
trade with the region. In 2023, the value of non-oil trade between the two countries surpassed US$1.64
billion (AED6 billion), reflecting an impressive growth of 68 percent 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 percent 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.

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