Azerbaijan invests over $284M in UAE

Azerbaijan invested $284.4 million in the economy of the United Arab Emirates (UAE), said Azerbaijan's Economy Minister Shahin Mustafayev.

Mustafayev made the remarks during his meeting with the UAE Ambassador to Azerbaijan Mohammed Ahmed Hamel Al Qubaisi in Baku on May 9, Trend reports.

During the meeting, issues of economic relations between Azerbaijan and the UAE, as well as the process of implementing the points of the protocol signed following the sixth meeting of the joint intergovernmental commission for economic cooperation were discussed, according to Azerbaijan’s Economy Ministry.

Mustafayev noted that to date, about 40 documents have been signed between Azerbaijan and the UAE, six meetings of the intergovernmental commission have been held, and the first foreign representation of the Dubai Chamber of Commerce and Industry has been opened in Baku.

Investments in the Azerbaijani economy by the UAE total $778.1 million, while Azerbaijan invested $284.4 million in the UAE, noted the minister adding that 225 companies from the UAE have been registered in Azerbaijan.

An export mission was sent to the UAE to promote Azerbaijani goods, and a stand dedicated to Azerbaijani products was also presented, and goods exports have already begun under a number of contracts, added Mustafayev.

Currently, there are successful relations in the fields of agriculture, ICT, energy, trade, investment and education, said the minister.

During the meeting, the two sides also discussed such issues as the activity of the Azerbaijan-UAE Business Council, exchange of trade information, expansion of trade relations, as well as the export of Azerbaijani goods to the UAE, opportunities of Arab businessmen to invest in the industrial parks and zones being created in Azerbaijan. (Trend.az)