Azernews.Az

The United Arab Emirates is interested in strengthening economic cooperation with Azerbaijan, UAE Economy Minister Sultan Bin Saeed Al Mansouri said at the fourth meeting of the Higher Economic Cooperation Council of Azerbaijan and the UAE, Trend news agency reported referring to Al-Ittihad agency.

Al Mansouri stressed that the collaboration has been enhanced between the two countries since 2008, particularly in tourism, transport, education, health, industry and agriculture.

He said the UAE has become the largest economic partner of Azerbaijan in recent years.

"Trade turnover between the two countries increased 57 per cent during the second half of this year. More than 120 Emirati companies operate in Azerbaijan. UAE investments in Azerbaijan amount to $200 million," he said.

Al Mansouri also stressed the role of the private sector in enhancing cooperation between UAE and Azerbaijan and called on the parties to improve the investment environment for the private sector.

At the end of the meeting, Al Mansouri and Azerbaijani Economic Development Minister Shahin Mustafayev signed the final declaration.

In addition, head of the Federation of Chambers of Commerce and Chairman of the Chamber of Commerce of the Emirate of Fujairah, Said Ali Hamas and head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) under the Economic Development Ministry, Rufat Mammadov signed an agreement on the establishment of the UAE-Azerbaijan Business Council.