Azerbaijan invests over $284M in UAE
By Sara Israfilbayova
Azerbaijan invested $284.4 million in the economy of the United Arab Emirates (UAE), said Shahin Mustafayev, Azerbaijan's Economy Minister.
The minister made the remarks during his meeting with UAE Ambassador to Baku Mohammed Ahmed Hamel Al Qubaisi on May 9.
The issues of economic relations between Azerbaijan and the UAE, as well as the process of implementing the points of the protocol signed following the sixth meeting of the joint intergovernmental commission for economic cooperation were discussed at the meeting, according to the Economy Ministry.
Mustafayev noted that to date, about 40 documents have been signed between Azerbaijan and the UAE, six meetings of the intergovernmental commission have been held, and the first foreign representation of the Dubai Chamber of Commerce and Industry has been opened in Baku.
Investments in the Azerbaijani economy by the UAE total $778.1 million, while Azerbaijan invested $284.4 million in the UAE, noted the Minister adding that 225 companies from the UAE have been registered in Azerbaijan.
An export mission was sent to the UAE to promote Azerbaijani goods, and there was also presented a stand dedicated to Azerbaijani products, and goods export have already begun under a number of contracts, added Mustafayev.
Currently, there are successful relations in the fields of agriculture, ICT, energy, trade, investment and education, said the Minister.
The two sides also discussed such issues as the activity of the Azerbaijan-UAE Business Council, exchange of trade information, expansion of trade relations, as well as the export of Azerbaijani goods to the UAE, opportunities of Arab businessmen to invest in the industrial parks and zones being created in Azerbaijan.
The UAE is one of the first Muslim countries which recognized Azerbaijan's independence in December 1992, and after a short time diplomatic relations were established between the two countries.
In the political sphere, the leadership of the UAE consistently supports the fair position of Azerbaijan in the Nagorno-Karabakh conflict and unconditionally recognizes the territorial integrity of the country.
The overall trade turnover between Azerbaijan and the UAE for the past two-three years amounted to approximately $70 million. Mainly Azerbaijan imports goods from the UAE, which are, in fact, re-exported from other countries. It is mostly metallurgical and chemical products, textiles, building materials, tobacco products, household equipment. Azerbaijan mainly exports to the UAE fruits, juices, nuts, metal semi-finished products and so on.
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