By Ofeliya Afandiyeva
Azerbaijan's investments in the United Arab Emirates’ economy are estimated at $347 million, Economy Minister Mikayil Jabbarov said at the UAE Embassy reception on December 2, dedicated to the 48th anniversary of the National Day.
"To date, the UAE has invested $2.2 billion in the Azerbaijani economy. Azerbaijan, in turn, has invested $347 million in the UAE's economy," Jabbarov said, adding that the trade turnover between the two countries increased by 38 percent in 2018 while for the first ten months of 2109 the figure grew by 26.4 percent, reaching $57 million.
Jabbarov also said that the dynamic economic development between Azerbaijan and UAE was based on a solid foundation.
“Bilateral relations are developing and are based on advanced political dialogue”, the minister added.
Furthermore, he expressed his gratitude to the UAE for supporting Azerbaijan's fair position on the resolution of the Nagorno-Karabakh conflict.
In turn, the UAE Ambassador to Azerbaijan, Mohammed al-Qubaisi stressed the importance of expanding economic cooperation between two countries. As he underlined, the high-profile mutual visits, growth in trade turnover and increase in the tourist flow signifies the strengthening of bilateral relations in various directions.
"I am sure that all these achievements and success are the result of our joint efforts," Jabbarov emphasized.
The UAE’s relations with Azerbaijan began to develop after the opening of its embassy in Baku, 2011.
The UAE accounts for 6 percent of imports and 4 percent of exports respectively in Azerbaijan's trade with Asian countries.
Chemical and petrochemical, mechanical engineering, electrical engineering, light and food industry products are imported from Azerbaijan to the UAE, while chemical and petrochemical industry products, food industry and metallurgy are exported there.
Mutual official visits and meetings have enabled boosting ties in nine important sectors of economy such as agriculture, renewable energy, tourism, environment, water, communications, modern technology and air transport.
One of the main points of cooperation between the UAE and Azerbaijan is the opening of the Dubai Chamber of Commerce and Industry in Baku.
Azerbaijan has also opened a Trade House in Dubai. The chamber has the role of providing comprehensive information on Azerbaijan in various fields. Trade House is estimated to increase Azerbaijan’s non-oil exports to the UAE. There are more than 600 Azerbaijani products in the Trade House.
The governments of the two countries have signed 23 documents so far.
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