Page 551 - MOE ENGLISH PR REPORT - AUGUST 2024

The meeting touched on enhancing joint cooperation in the fields of digitization, innovation and
technology, exchanging expertise on creating an innovative ecosystem that enhances the shift
towards a digital economy, and supporting bilateral work between government agencies
concerned with artificial intelligence and innovative solutions between the two countries.

The two parties expressed great interest in supporting joint cooperation in the fields of food
security and agriculture by increasing trade exchange of food commodities, agricultural and
animal products. The two sides also learned about the latest trends in the field of agriculture.

The two sides discussed enhancing joint cooperation and mutual investments in the energy and
renewable energy sector, developing partnership to establish new projects related to power
generation stations, and working to hold workshops for experts specializing in the two countries
on enhancing energy efficiency in both parties.

The UAE is the first Arab trading partner of the Republic of Azerbaijan, accounting for 40% of
Azerbaijan’s trade with Arab countries, while the value of non-oil trade between the two
countries in 2023 amounted to more than $1.64 billion (6 billion dirhams), with a growth rate of
68% compared to 2022.

Preliminary figures also indicate an increase in the volume of non-oil trade between the two
countries in the period from January to April 2024, reaching $617 million (AED 2.3 billion), a
growth rate of 62%, compared to the same period in 2023.

The value of Emirati investments in Azerbaijan is estimated at $1.1 billion by the end of 2022,
ranking first in the Arab world and seventh globally among countries investing in Azerbaijan. In
contrast, the value of Azerbaijani investments in the UAE amounts to more than $210 million by
the end of 2021.

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