Baku hosts Azerbaijan-UAE business forum
A business forum was held in the Azerbaijani capital Baku on Wednesday with the participation of about 30 UAE businessmen and more than 140 Azerbaijani entrepreneurs.
The UAE is represented by companies including Al Shafar General Contracting Co, Al Serkal Group, Fly Dubai, Earth Developer, Bin Hendi Group, Al Islami Foods, and GMP at the forum, which was organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Economic Development Ministry in the Four Season hotel on Wednesday.
Minister Shahin Mustafayev said at the forum that the Dubai chamber of commerce representative office was being opened in Baku on Wednesday.
"This is the only division of the Dubai chamber of commerce abroad, which shows a high level of relations between the two countries," Mustafayev said.
He added that there is great potential for cooperation between Azerbaijan and the UAE.
According to UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shehhi, UAE investments in the Azerbaijani economy have exceeded $200 million.
The deputy minister said at the forum that bilateral trade turnover has increased 24 percent, but still does not meet the existing potential.
Acting President of AZPROMO Rufat Mammadov spoke of Azerbaijan's economic growth and the potential for development of economic cooperation between the two countries.
According to Azerbaijan's State Customs Service, the trade turnover between the two countries in January-September made up $79 million, with exports from the UAE accounting for $69.8 million of the amount.
The UAE was among the first countries to recognize Azerbaijan's independence. Diplomatic relations between Azerbaijan and the UAE were established on September 1, 1992.
Azerbaijan opened its embassy in Abu-Dhabi in 2001.
Azerbaijan and the UAE are cooperating within the United Nations, the Organization of Islamic Cooperation and other influential regional and international organizations.
The UAE also supports Azerbaijan's fair position in its conflict with Armenia over Nagorno-Karabakh.
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