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Azerbaijan, UAE to establish joint investment fund

5 October 2016 11:10 (UTC+04:00)
Azerbaijan, UAE to establish joint investment fund

By Amina Nazarli

Azerbaijan and the United Arab Emirates will establish a joint investment fund.

The statement was made by Azerbaijani Ambassador to the UAE Dashgin Shikarov on October 4.

Preliminary agreement has been reached on the level of the governments of the two countries, the ambassador said.

“Creating a fund would facilitate the implementation of joint investment in mutually beneficial projects. It is important to carry out investments in the areas that stimulate the growth of mutual investments and increase trade, particularly in agriculture, food processing, logistics and transport systems,” he said.

Funds will be directed to the creation of new enterprises, and, in general, it can be a tool for the modernization of the bilateral relations, said the ambassador to the UAE.

The trade turnover between Azerbaijan and the UAE in January-July 2016 amounted to $50.6 million, according to the State Customs Committee of Azerbaijan.

Earlier speaking about the Azerbaijani-UAE relations, Economy Minister of Azerbaijan Shahin Mustafayev said that for seven months of 2016 the trade turnover with the UAE has grown by more than 40 percent.

“This is a very good result, considering that the processes occurring in the world do not contribute to the development of trade between the countries,” Mustafayev said, emphasizing that Azerbaijan and the UAE are working to improve these indicators.

The energy-rich countries of the Caspian Sea and the Persian Gulf – Azerbaijan and the UAE have very fruitful bilateral relations in various fields.

The two countries enjoy good opportunities for mutual investments, joint implementation of various projects, including agricultural sector, as well as for the creation of joint ventures, especially in tourism sector.

At the recent meeting between the officials of the two countries, the sides discussed the creation of agricultural parks, pesticides production enterprises, logistics centers for keeping and trading the livestock products, export of Azerbaijan-made agricultural products to the UAE

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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