The fourth meeting of the UAE-Azerbaijan Joint Economic Committee held today in Dubai was inaugurated by the UAE Minister of Economy, Sultan Bin Saeed Al Mansouri, and Minister of Economic Development of Azerbaijan, Shahin Mustafayev, in the presence of senior officials from both countries.
The meeting discussed the current economic situation in the two countries and the potential for expanding their standing trade and economic relations.
Al Mansouri and Mustafayev signed the closing protocol of the meeting, and an MoU was signed between the two countries to establish a joint business council.
Opening the meeting, Al Mansouri extended the hand of partnership to enable Azerbaijan and the UAE to explore areas for mutual growth, and in turn, strengthen the social and economic welfare of the people.
"The ties between our businesses and other organisations have created the ideal foundation for a fruitful commercial and trade relationship. We are moving together on a path of growth and prosperity. The UAE is keen to uphold the appropriate institutional framework to enhance economic ties with Azerbaijan through the Joint Economic Committee meetings which can help both sides understand the real requirements of investors," Al Mansouri said.
"Ever since the first Joint Economic Committee meeting in 2008, the two countries have been making steady progress in joint cooperation in transportation, tourism, education, health, customs, industry, agriculture and the production of food stuff, oil and gas.
"The Joint Economic Committee is a concrete initiative that will outline the goals before us to strengthen trade and investment ties between our two nations and respective regions," Al Mansouri added.
Stating that the UAE is committed to attract international expertise to support economic development by focusing on advanced technologies to boost the efficiencies of various industrial and economic sectors, Al Mansouri urged the business community in both countries to leverage the opportunity for cooperation and strengthen investments.
The trade turnover between our two countries rose 57% during second half of this year. As many as 122 UAE companies operate in Azerbaijan. In 2011, the trade turnover between our two countries was US$300 million, which rose 24% in the 9 months of 2012. UAE has invested US$200 million in Azerbaijan.