UAE and Azerbaijan Strengthen Economic Ties at Ninth JIC Session

The ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade, and Technical Cooperation was held in Shusha, Azerbaijan.

Chaired by UAE Minister of Economy Abdullah bin Touq Al Marri and Azerbaijan's Economy Minister Mikayil Jabbarov, the session focused on enhancing bilateral relations in multiple sectors including entrepreneurship, SMEs, tourism, aviation, technology, agriculture, food security, logistics, culture, and energy.

The UAE and Azerbaijan agreed to develop their economic partnership, highlighting the recent legislative amendments in the UAE that allow 100% foreign ownership and other initiatives like the UAE Circular Economy Agenda 2031. The meeting emphasized creating a supportive business environment and promoting investments in sustainable growth sectors.

Discussions also covered joint efforts to boost startups, strengthen food security, and enhance digitalisation and innovation. Both countries expressed interest in organizing joint tourism events to leverage their diverse offerings and agreed to facilitate trade and investment through comprehensive support for exporters and importers.

The UAE remains Azerbaijan's top trading partner in the Arab world, with non-oil trade exceeding $1.64 billion in 2023, a 68% increase from the previous year. Preliminary data for January-April 2024 indicate a further rise in trade, reaching $617 million. The UAE's investments in Azerbaijan stood at $1.1 billion by the end of 2022, while Azerbaijani investments in the UAE exceeded $210 million by the end of 2021.

This session marks a significant step in strengthening the economic ties between the two countries, fostering sustainable growth and cooperation in various strategic sectors.

News Source: Emirates News Agency