Azernews.Az

Aynur Jafarova

The investors from the United Arab Emirates (UAE) are among the most active ones in the Azerbaijani market, head of the Azerbaijan Export and Investment Promotion Fund (AZPROMO) Rufat Mammadov said on October 24.

"Our cooperation is actively developing... I am sure this development will continue, and not only due to government initiatives, but also the private sector," Mammadov said.

Speaking at a presentation of Azerbaijan's investment opportunities, organized by the Dubai Exports Agency with the support of AZPROMO, Mammadov said that since the establishment of diplomatic relations between the two countries in 1992, both Azerbaijan and the UAE has come a long way in development.

Informing the UAE delegation on Azerbaijan's economic achievements, the AZPROMO head said that in the past 10 years, Azerbaijan's economy grew by 3.4 times and more than $150 billion has been invested in the country.

"Since the restoration of independence in 1991, the share of the private sector in country's GDP has increased from zero to 73-74 percent," Mammadov told the UAE delegation which is attending the 19th Azerbaijan International Construction Exhibition BakuBuild 2013.

The UAE recognized Azerbaijan's independence in December 1991. Diplomatic relations between the two countries were established in September 1992. The trade turnover between the two countries is around $115-120 million per year. However, this is not the limit for the potential of economic cooperation between Azerbaijan and the UAE.

The investors from the UAE have invested over $360 million in the Azerbaijani economy.

The establishment of Azerbaijan's Consulate General in Dubai and the opening of the first and only foreign representation of Dubai Chamber of Commerce and Industry in Baku illustrate the close ties between the two countries.