Azerbaijan eyes to open joint ventures with UAE
By Sara Israfilbayova
Azerbaijan is interested in the establishment of joint ventures with the United Arab Emirates (UAE) in the fields of industry, logistics and transport.
Trade representative of Azerbaijan in Dubai Elnur Aliyev told Trend that Azerbaijan also eyes to attract a big number of Arab companies to the country, because it is an ideal market for foreign investors.
“In general, Azerbaijan and the UAE have great potential for cooperation and may successfully develop cooperation in the spheres of industry, transport, trade, investment, agriculture, tourism and high technologies,” he noted.
He went on to say that currently, the work is being carried out to accelerate the dynamics of trade turnover between the countries. The main share of export of Azerbaijani products to the UAE accounts for Dubai, to which mainly agricultural products are supplied,” Aliyev mentioned.
“The UAE has a big potential for re-export. The supply of Azerbaijani goods to the UAE market may contribute to the supply of our domestic products to the markets of other countries of the Persian Gulf in the future,” he said, further adding that besides agricultural products, Azerbaijan intends to increase supplies of various types of industrial goods, namely, aluminum plates, and pipes to the UAE.
Azerbaijan and the UAE enjoy friendly relations and are keen to deepen economic cooperation.
To date, more than 250 companies from the UAE work in Azerbaijan.
The UAE-Azerbaijan Joint Economic Committee previously said both countries were to focus on nine key areas for bilateral cooperation, including air transport, tourism, communications, environment, water, agriculture, renewable energy, modern technology and industry.
Azerbaijan mainly imports high-tech products, electronics, industrial goods and building materials from the UAE and exports to the UAE fruits, juices, nuts, metal semi-finished products and so on.
According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and the UAE amounted to $28.457 million in January-July 2018, which is 67 percent more than in the same period of 2017.
At the same time, exports from Azerbaijan to the UAE amounted to $12.317 million (an increase of 58.8 percent), while imports - $16.139 million (by 73.8 percent).
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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is
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