The UAE and Azerbaijan have committed to strengthening their bilateral economic partnership across various sectors, including SMEs, tourism, aviation, and renewable energy. This decision was reached during the ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade, and Technical Cooperation, held in the Azerbaijani city of Shusha.
The two nations agree to form joint work teams to explore collaboration opportunities across key sectors
Chaired by Abdullah bin Touq Al Marri, Minister of Economy, and his Azerbaijani counterpart, Mikayil Jabbarov, the meeting highlighted the importance of forming joint work teams. These teams will consist of members from relevant entities on both sides to explore further opportunities for economic collaboration in priority sectors at both government and private sector levels.
The discussions led to several key decisions, including the provision of comprehensive support for exporters and importers to facilitate and enhance the exchange of goods and services, thereby diversifying them. The UAE, serving as a vital trade gateway, plays a significant role in facilitating the movement of Azerbaijani exports to regional markets.
During the meeting, both parties explored promising investment opportunities in the food and manufacturing industries and sought to establish new communication channels between the two business communities.
UAE and Azerbaijan to Boost Bilateral Economic Ties
The two countries agreed on the importance of motivating SME owners and entrepreneurs to invest in new economy sectors to increase their contributions to the GDP of both nations. Additionally, they expressed interest in organizing joint tourism exhibitions, events, and conferences to highlight key tourism and historical attractions, leveraging their diverse tourism offerings. With over 185 flights connecting the two destinations monthly, operated by UAE national carriers, the collaboration is expected to boost global tourism inflows.
The meeting also focused on strengthening cooperation in digitalization, innovation, and technology. The JIC session explored ways to enhance cooperation in food security and agriculture through increased trade in food products and agricultural and livestock goods.
Energy and renewable energy sectors were another major focus of the session. The discussions included prospects for partnerships to launch new projects, particularly in power generation, and organizing workshops for experts from both countries on energy efficiency improvement.
Abdullah bin Touq Al Marri stated that the latest JIC session was a key milestone in strengthening the economic ties between the UAE and Azerbaijan. “The meeting discussed several vital economic sectors that have the potential to drive the sustainable development of both economies. We are keen to work closely with our Azerbaijani partners to open up new avenues for collaboration and create diverse opportunities in various sectors, thereby supporting the sustainable growth of both economies,” he said.
The UAE is Azerbaijan’s leading trading partner in the Arab world, accounting for 40 percent of its trade with the region. In 2023, the value of non-oil trade between the two countries surpassed $1.64 billion (AED 6 billion), reflecting an impressive growth of 68 percent compared to 2022.
