Trade delegations to travel to UAE
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.