Azerbaijan, UAE to create joint investment fund
Azerbaijan and the United Arab Emirates will establish a joint investment fund. The statement was made by Azerbaijani Ambassador to the UAE Dashgin Shikarov on October 4.
Preliminary agreement has been reached on the level of the governments of the two countries, the ambassador said.
“Creating a fund would facilitate the implementation of joint investment in mutually beneficial projects. It is important to carry out investments in the areas that stimulate the growth of mutual investments and increase trade, particularly in agriculture, food processing, logistics and transport systems,” he told Trend.
Funds will be directed to the creation of new enterprises, and, in general, it can be a tool for the modernization of the bilateral relations, said the ambassador to the UAE.
The trade turnover between Azerbaijan and the UAE in JanuaryJuly 2016 amounted to $50.6 million, according to the State Customs Committee of Azerbaijan.
Earlier speaking about the Azerbaijani-UAE relations, Economy Minister of Azerbaijan Shahin Mustafayev said that for seven months of 2016 the trade turnover with the UAE has grown by more than 40 percent.
“This is a very good result, considering that the processes occurring in the world do not contribute to the development of trade between the countries,” Mustafayev said, emphasizing that Azerbaijan and the UAE are working to improve these indicators.
The energy-rich countries of the Caspian Sea and the Persian Gulf – Azerbaijan and the UAE have very fruitful bilateral relations in various fields.
The two countries enjoy good opportunities for mutual investments, joint implementation of various projects, including agricultural sector.
At the recent meeting between the officials of the two countries, the sides discussed the creation of agricultural parks, pesticides production enterprises, logistics centers for keeping and trading the livestock products, export of Azerbaijanmade agricultural products to the UAE.
The two sides also held discussions in creation of joint ventures, especially in tourism sector.
Shikarov also touched upon this fastest growing economic sector, emphasizing that Azerbaijan has offered the UAE to introduce mutual visa-free regime for citizens of both countries.
“Currently, there is a visa-free regime for persons with diplomatic and service passports, and since 2015, the UAE citizens has been visiting Azerbaijan on the basis of a simplified visa system,” he said.
Now Azerbaijan proposes to introduce a visa-free regime for citizens of both the UAE and Azerbaijan, the ambassador emphasized. “The UAE government has already given prior consent, and now the issue is under consideration,” said Shikarov.
Starting November 10, 2015, citizens of the UAE has visited Azerbaijan on a simplified procedure. They can obtain entry visa, valid for 30 days’ stay, at any international airport in Azerbaijan.
The introduction of a simplified visa system with the UAE has led to a significant increase in numbers of tourists from the UAE to the country.
The number of tourists coming to Azerbaijan from UAE, increased by 10 times from January to August, compared to the same period of last year.
Until this year, such stream of Arabic-speaking guests have been not observed in the country. This summer, all the luxury hotels in Baku on 50-60 percent, are filled with tourists from Arab countries, what is considered as a huge plus for the national tourism, according to experts.
Meanwhile, the national airlines of the UAE Etihad Airways plan to start direct flights between Baku and Abu Dhabi, and the negotiations on this regard are underway.
Moreover, low-cost airline Air Arabia also can open flights to Azerbaijan in 2017.
The direct flights from the third largest city in the UAE -- Sharjah to Baku and other cities of the country are being mulled, the diplomat said.