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Azerbaijan, UAE discuss expanding cooperation in trade, investment, logistics

25 July 2022 12:13 (UTC+04:00)
Azerbaijan, UAE discuss expanding cooperation in trade, investment, logistics

By Ayya Lmahamad

Azerbaijan and the United Arab Emirates (UAE) have discussed the expansion of cooperation in trade, mutual investment, SMBs, logistics, and tourism sectors, Azernews reports.

The discussion took place during the meeting between Azerbaijan's Economy Minister Mikayil Jabbarov and UAE Ambassador Mohammed Murad Al Blooshi.

During the meeting, the minister emphasized the high level of relations between the two countries based on the principles of mutual friendship and respect. He also noted the successful cooperation in the economic sphere between Azerbaijan and the UAE.

Jabbarov noted that such platforms as the Joint Intergovernmental Commission on Economic, Commercial, and Technical Cooperation, Trade Representation of Azerbaijan in the UAE, and the Azerbaijani Trade House in Dubai play an important role in the development of trade and economic partnership.

Moreover, he stressed that there are ample opportunities to promote the participation of UAE companies in the projects implemented using the concepts of smart city and smart village in Azerbaijan's liberated territories, as well as in industry, digitalization, the 4th industrial revolution, and other areas. In this regard, he noted the importance of active cooperation between the business communities of the two countries.

In turn, the ambassador emphasized that the UAE attaches great importance to the development of relations with Azerbaijan, and expressed the interest of UAE companies to participate in the projects being implemented in Azerbaijan's liberated territories.

The parties also discussed the development of trade and economic partnership between the two countries.

The diplomatic relations between Azerbaijan and the United Arab Emirates were established on September 1, 1992. The trade turnover between the two countries amounted to $50.4 million in 2021.

Last year, Azerbaijan and the UAE signed agreements on pilot projects in renewable energy. Under the agreement, the building of a 230-MW solar power plant is envisaged. On March 15, a groundbreaking ceremony for the 230 MW Garadagh solar power plant, to be constructed by the United Arab Emirates' Masdar company, was held in Baku’s Gulustan Palace. The plant is designed to produce 500 million kWh of electricity per year and supply it to approximately 110,000 households. It will reduce gas consumption by 110 million cubic meters and environmental emissions by 200,000 tons.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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