The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million.
“There is great potential for development of cooperation between the two countries, and trade turnover between the UAE and Azerbaijan, which increased by 24%, does not meet the existing potential,” Al Shihhi said.
Azerbaijan’s Economic Development Minister Shahin Mustafayev commended the UAE’s investment in the country and said non-oil sector, tourism, agriculture, and industry as priority areas of cooperation.
According to the Azerbaijani statistics, trade turnover between the two countries increased by 57% compared to last year.
The business forum is being attended by over 30 entrepreneurs from the UAE, including representatives of Al Shafar General Contracting Co, Al Serkal Group, Fly Dubai, Earth Developer, Bin Hendi Group, Al Islami Foods, GMP, and others, as well as more than 140 Azerbaijani businessmen.
Meanwhile, Dubai Chamber has opened its first representative office in Baku as part of the bid to attract investment potential for Dubai businesses and explore investment opportunities in Azerbaijan.
“The opening of this first overseas representative office is part of Dubai Chamber ‘s new strategy to stir the economic growth of the emirate by promoting Dubai globally while enhancing its business competitiveness in the overseas market,” Hamad Buamim, Director General, Dubai Chamber said in a statement.