Trade del­e­ga­tions to travel to UAE

Azer News - - Nation - By Narmina Mam­madova

Azer­bai­jan and the United Arab Emi­rates en­joy strong trade and eco­nomic ties for more than 25 years al­ready.

The event, ded­i­cated to the 47th an­niver­sary of the cre­ation of the UAE was held in Baku on De­cem­ber 3.

Azer­bai­jan will send trade del­e­ga­tions to the United Arab Emi­rates (UAE) on De­cem­ber 8-11, Azer­bai­jani Econ­omy Min­is­ter, Shahin Mustafayev, said at an event.

"To pro­mote our prod­ucts un­der the 'Made in Azer­bai­jan' brand, we will or­ga­nize the vis­its of trade del­e­ga­tions to Abu Dhabi and Shar­jah on De­cem­ber 8-11,” the min­is­ter said.

“I would like to stress that Azer­bai­jan’s trade of­fice launched its ac­tiv­ity in UAE in 2017 and the es­tab­lish­ment of Azer­bai­jan’s Trade House in Dubai is un­der com­ple­tion," he added.

He said UAE in­vested $2.1 bil­lion in Azer­bai­jan, of which $1.3 bil­lion was in­vested in the oil sec­tor, while $806 mil­lion - in the non-oil sec­tor of the coun­try.

Azer­bai­jan, in turn, has in­vested $330 mil­lion in the UAE, the min­is­ter said, adding that about 300 UAE com­pa­nies op­er­ate in Azer­bai­jan.

Ac­cord­ing to the Azer­bai­jani State Cus­toms Com­mit­tee, the trade turnover be­tween Azer­bai­jan and the UAE amounted to $28.457 mil­lion in Jan­uary-July 2018, which is 67 per­cent more than in the same pe­riod of 2017.

At the same time, ex­ports from Azer­bai­jan to the UAE amounted to $12.317 mil­lion (an in­crease of 58.8 per­cent), while im­ports - $16.139 mil­lion (by 73.8 per­cent).

Azer­bai­jan mainly im­ports high­tech prod­ucts, elec­tron­ics, in­dus­trial goods and build­ing ma­te­ri­als from the UAE and ex­ports to the UAE fruits, juices, nuts, metal semi-fin­ished prod­ucts and so on.

The two coun­tries en­joy good op­por­tu­ni­ties for mu­tual in­vest­ments, joint im­ple­men­ta­tion of var­i­ous projects, in­clud­ing agri­cul­tural sec­tor, as well as for the cre­ation of joint ven­tures, es­pe­cially in tourism sec­tor. They agreed to es­tab­lish a joint in­vest­ment fund in 2016.

The UAE-Azer­bai­jan Joint Eco­nomic Com­mit­tee pre­vi­ously said both coun­tries were to fo­cus on nine key ar­eas for bi­lat­eral co­op­er­a­tion, in­clud­ing air trans­port, tourism, com­mu­ni­ca­tions, en­vi­ron­ment, wa­ter, agri­cul­ture, re­new­able en­ergy, modern tech­nol­ogy and in­dus­try.

The UAE rec­og­nized the in­de­pen­dence of Azer­bai­jan on De­cem­ber 26, 1991, while diplo­matic re­la­tions be­tween the sides were es­tab­lished on Septem­ber 01, 1992.

The ex­port mis­sions of Azer­bai­jan con­tinue to ex­pand with the aim of pro­mot­ing coun­try's non-oil prod­ucts abroad.

As many as 25 ex­port mis­sions are ex­pected to be or­ga­nized in 2019. Lo­cal en­trepreneurs will par­tic­i­pate in ma­jor trade fair in Rus­sia, UAE and Ger­many in Fe­bru­ary. The new mar­ket at which Azer­bai­jan aims is South Ko­rea, Azer­bai­jan will be par­tic­i­pat­ing in the food fair there in May 2019.

The ex­port of non-oil prod­ucts will stim­u­late the ex­pan­sion of the Azer­bai­jani prod­ucts and will fur­ther strengthen the non-oil sec­tor's share in the struc­ture of the GDP.

Newspapers in English

Newspapers from Azerbaijan

© PressReader. All rights reserved.