Page 550 - MOE ENGLISH PR REPORT - AUGUST 2024

session included a number of vital economic sectors that will push the economies of both sides
to new levels and enhance their development path. We are keen to continue working closely to
develop economic cooperation in a way that supports the opening of new areas of work,
especially in light of the existence of diverse opportunities in various sectors, which contributes
to supporting the sustainable growth of the economies of the two countries.”

During the meeting, His Excellency reviewed the opportunities and capabilities provided by the
UAE business environment, the most important of which is amending the Commercial
Companies Law to allow 100% foreign ownership. This amendment contributed to adding more
than 275,000 new companies within a year and a half, while the number of companies operating
in the UAE by the end of 2023 reached more than 788,000, in addition to updating visa and
residency systems and creating the freelance and green residency paths, which enhances the
country’s attractiveness to talents, competencies, business owners and pioneering projects in
various strategic sectors.

His Excellency called on the business community in Azerbaijan to benefit from the flexible and
competitive policies provided by the UAE to facilitate the establishment and start-up of
businesses, pointing to the updates made by the country to a number of legislations, such as
the law on family businesses, commercial agencies, cooperatives and trade through modern
technology, which enhanced the business-friendly climate, in addition to enhancing sustainable
growth policies for the UAE economy by launching initiatives that support the transition towards
a circular economy, most notably the “UAE Circular Economy Agenda 2031”, which plays a vital
role in supporting the sustainability of the country’s development process by the next decade.

In detail, during the committee’s work, the two sides agreed to form joint working teams from the
two countries to explore more opportunities for economic cooperation in priority sectors at the
governmental and private levels, and to provide all means of support to exporters and importers
to facilitate and increase the exchange of goods and services, and work to diversify them,
especially since the UAE is a vital commercial gateway that supports the arrival of Azerbaijani
exports to the region’s markets.

The two sides also discussed promising investment opportunities in the food and manufacturing
industries, and opened new channels of communication between investors and business
owners on both sides.

The UAE and Azerbaijani sides discussed the possibility of providing programmes and facilities
that would accelerate the growth of emerging companies in the markets of the two countries,
increase their investments and support their exports to reach new markets, in addition to
encouraging owners of small and medium enterprises and entrepreneurs to invest in the new
economic sectors, which would contribute to supporting the increase in the contribution of the
small and medium enterprises sector to the GDP of the two countries.
The two parties expressed their desire to hold joint tourism exhibitions, events and conferences
during the next phase that would promote the most prominent tourist and historical landmarks in
the two countries, and support the utilization of the potential and elements of tourism diversity in
the UAE and Azerbaijan, which contribute to attracting more tourist delegations from all over the
world, especially with the presence of more than 185 flights per month via the UAE national
airlines.

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