Page 545 - MOE ENGLISH PR REPORT - AUGUST 2024

8/14/24, 2:51 PM PRESSR: UAE and Azerbaijan agree to develop economic partnership in the sectors of entrepreneurship, tourism, new economy, t…
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), reflecting a 62 per cent growth compared to the

same period in 2023.

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