Deputy Minister: Azerbaijani investments in UAE valued at $ 300 mln

Baku. 20 April. REPORT.AZ/ The meeting of economic commission on Azerbaijan was held in the UAE.

Report informs citing WAM, Azerbaijani delegation, which included 28 representatives from the country’s public and private sectors, was led by Sahil Babayev, Deputy Minister of Economy.

In the meeting with Majid Al Shamsi, Vice Chairman of Dubai Chamber and a group of UAE-based businessmen representing some of the country’s leading food and retail companies, potential to expand trade ties was discussed.

Al Shamsi highlighted the unique trade relationship between Azerbaijan and the UAE, which has strengthened in recent years supported by high-level visits from both sides. The Dubai Chamber’s Vice Chairman noted that non-oil trade between Dubai and Azerbaijan amounted to 220 million USD last year.

In his turn, Babayev said that Azerbaijan’s government remains committed to exploring all existing possibilities to increase bilateral trade with UAE. He revealed that Azerbaijan investments in the UAE have been valued at 300 million USD, while the number of UAE companies operating in Azerbaijan has reached 255.

Deputy Minister expressed interest in cooperation with the UAE and create new joint ventures in the areas of industry, logistics, and transport, attract UAE businesses to set up in Azerbaijan.