Page 538 - MOE ENGLISH PR REPORT - AUGUST 2024

change led to over 275,000 new companies registering in just a year and a half. By the end of
2023, more than 788,000 companies were operating in the UAE.

He urged Azerbaijani businesses to leverage these flexible policies for establishing new
ventures. Recent legislative updates in family businesses law and commercial agencies have
also contributed to a supportive business climate. Additionally, visa and residency systems were
revamped to attract talents and entrepreneurs.

Trade and Investment Growth

The UAE is Azerbaijan's top trading partner in the Arab world, accounting for 40 percent of its
trade with the region. In 2023, non-oil trade between them exceeded $1.64 billion (AED6 billion),
marking a 68 percent increase from 2022. Preliminary figures indicate a further rise in non-oil
trade from January to April 2024, reaching $617 million (AED2.3 billion), reflecting a 62 percent
growth compared to the same period in 2023.

The UAE’s investments in Azerbaijan were estimated at $1.1 billion by the end of 2022. This
makes it the largest Arab investor and seventh globally in Azerbaijan. Meanwhile, Azerbaijani
investments in the UAE amounted to over $210 million as of late 2021.

Joint Initiatives
Both parties agreed on forming joint work teams from relevant entities to explore further
economic collaboration opportunities at government and private sector levels. They will support
exporters and importers to enhance goods exchange and diversify services. Given that the UAE
serves as a vital trade gateway for Azerbaijani exports to regional markets.

The discussions also focused on boosting startups' growth through tailored programs and
initiatives. Both sides emphasised motivating SME owners to invest in new economy sectors to
increase their GDP contributions.

Tourism Collaboration

The UAE and Azerbaijan expressed interest in organising joint tourism exhibitions and events to
highlight their key attractions. This collaboration aims to boost global tourism inflows since there
are over 185 flights connecting both destinations monthly via UAE's national carriers.

Innovation and Technology

Collaboration in digitalisation, innovation, and technology was another focus area during the
meeting. Both sides highlighted exchanging insights on developing an innovative ecosystem
and promoting cooperative efforts between government entities focused on AI solutions.

Agriculture and Food Security

The two countries explored ways to strengthen cooperation in food security through increased
trade in food products as well as agricultural goods. They reviewed recent trends in agriculture
while discussing potential partnerships for new projects.

Energy Sector Cooperation

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57887.html