Thursday 08 December 2022 - 1:49:34 pm

Azerbaijani President receives UAE Minister of Economy, underlines depth of UAE-Azerbaijan relations

ABU DHABI, 27th June, 2021 (WAM) -- Ilham Aliyev, President of Azerbaijan, received Abdullah bin Touq Al Marri, Minister of Economy, and the accompanying delegation in the Azerbaijani capital, Baku.

The UAE delegation’s visit to Azerbaijan, led by Al Marri, was aimed at finalising new plans for joint action during the next phase to increase trade exchanges and investment flows between the two countries, thereby bolstering strategic economic partnerships.

The visit included meetings between Al Marri with and Ali Asadov, Prime Minister of Azerbaijan; Mikayil Jabbarov, Azerbaijan's Minister of Economy; Rashad Nabiyev, Azerbaijan's Minister of Transport, Communications and Advanced Technology; and representatives of Azerbaijan's business sector.

President Aliyev expressed his satisfaction with the relations between the two countries, and his desire to strengthen UAE-Azerbaijan economic cooperation and strategic partnerships over the next 10 years through creating new investment opportunities, by focusing on several vital sectors, such as infrastructure, logistical transport, investment in renewable energy, and tourism.

During the meeting, Al Marri said, "Azerbaijan is a friendly country, a major economic partner of the UAE in the region, and a popular destination for UAE citizens to travel, study, and engage in commercial activities and investments. The UAE government is keen to continue working closely with our Azerbaijani partners to develop cooperation in various sectors that hold promising opportunities for the future."

During another meeting, Al Marri and Asadov discussed ways to develop UAE-Azerbaijan relations, and explored the prospects for supporting and developing them by utilising promising potentials and opportunities available to both sides.

Asadov said, "We see promising opportunities to strengthen the partnership with the UAE at both governmental and private levels, by making the best use of the promising potentials and opportunities available on both sides. This is within the framework of fruitful cooperation in various vital areas of common interest, especially the Fourth Industrial Revolution and artificial intelligence, e-commerce and food security. We will work to elevate effective partnerships between the two countries to a new level of excellence to serve both countries’ development aspirations."

Al Marri said, "The relations between the UAE and Azerbaijan are witnessing rapid progress in various fields, especially on the economic and commercial front. This provides a solid ground for enhancing joint action between the UAE and the Azerbaijani governments to further raise levels of cooperation and economic integration."

Furthermore, the sides praised the existing cooperation between their countries on various issues of common interest, and their continuous coordination on economic developments through their joint membership in many international organisations, which enhances their roles and contributions to peace, security and development in the region and the world.

During Al Marri’s meeting with Jabbarov, the sides agreed to adopt joint practical steps to facilitate and increase trade exchange, create new investment opportunities for the private sector in both countries. In addition, companies will be encouraged to explore new horizons for partnership and take advantage of promising opportunities in each other’s markets.

Jabbarov highlighted the importance of Azerbaijan's participation in Expo 2020 Dubai to contribute to its success.

Al Marri showcased the UAE's efforts and initiatives to contain the COVID-19 pandemic and accelerate economic recovery.

In this regard, the two ministers approved mechanisms to exchange knowledge and share best practices in driving economic recovery and exploring new opportunities and sectors in the post-COVID-19 era.

The ministers also agreed to hold the 8th session of the Joint Economic Committee (JEC) in the UAE, coinciding with Expo 2020 Dubai, and set the outlines for an expanded programme for the next JEC, which focuses on vital traditional sectors, as well as new economic sectors, such as space, innovation, renewable energy, digital transformation, modern agriculture, smart transport and the Fourth Industrial Revolution.

The total volume of non-oil trade between the UAE and Azerbaijan during the first nine months of 2020 amounted to more than AED 1.2 billion (US$ 323 million). The UAE is Azerbaijan's largest trading partner in the Gulf Cooperation Council (GCC), as it accounts for 76 percent of Azerbaijan's trade with the GCC countries.

Furthermore, the two ministers approved a plan of action to increase air connectivity, transport passengers and freight movements between the cities of the two countries.

WAM/Amjad Saleh