Azerbaijan, UAE boost trade turnover by 41 pct

By Azernews

By Ayya Lmahamad

The trade turnover between Azerbaijan and the United Arab Emirates increased by 41 percent in January-May 2021, Economy Minister Mikayil Jabbarov said during the meeting with the UAE’s Economy Minister Abdulla Bin Touq Al Marri.

Noting that one of the main directions of bilateral economic cooperation is trade, Jabbarov emphasized that Azerbaijan’s non-oil exports to the UAE increased by 40 percent during the reported period.

Moreover, the parties underlined that the relations between the two countries, based on principles of mutual friendship and respect, are at a high level.

Emphasizing that a number of mechanisms are used to develop trade and investment cooperation between the two countries, the minister stated that Azerbaijan has a Trade Representative and the Trade House of Azerbaijan in the UAE.

Furthermore, he underlined that Azerbaijan is an active participant in investment forums held in the United Arab Emirates.

Economy Minister also briefed on opportunities for cooperation in the digital economy, transport and logistics, investment, agriculture, renewable energy, small and medium-sized businesses, tourism sectors, etc.

He invited the UAE businessmen to take advantage of Azerbaijan’s favorable business and investment climate and invest in industrial zones.

In turn, the UAE’s Economy Minister underlined the successful partnership with Azerbaijan in a number of areas and shared his views on opportunities to expand trade and economic relations.

The effective role of the Azerbaijan-UAE Joint Intergovernmental Commission in the development of economic partnership was noted and an agreement was reached to hold the next meeting of the commission in the near future.

Additionally, it was noted that the accession of both countries to the network of Centers of the Fourth Industrial Revolution opens up new prospects for cooperation in this area.

The parties discussed the development of economic relations.

The UAE’s Economy Minister Abdulla Bin Touq Al Marri also met with Azerbaijan’s Transport, Communications and High Technologies Minister Rashad Nabiyev.

During the meeting, the parties discussed the current state and prospects of general cooperation between Azerbaijan and the UAE. They also exchanged views on such issues as high technology, innovation and cooperation in space.

The trade turnover between the two countries amounted to $22.8 million during the first five months of the year. Of the total turnover, exports amounted to $6.3 million, while the imports to $16.4 million.

Last year, Azerbaijan and the United Arab Emirates signed agreements on pilot projects in renewable energy. Under the agreement, building of a 230-MW solar power plant is envisaged. The solar power plant to be built in Baku and Absheron district will produce about 500 million kWh of electricity annually, save 110 million cubic meters of natural gas, reduce carbon emissions by 200,000 tons, create new jobs and attract other investors to new projects.