Baku, Azerbaijan, Oct. 20
By Anvar Mammadov – Trend:
The volume of direct investments by the UAE in the non-oil sector of Azerbaijan's economy is approximately $659 million, Head of Interstate Economic Cooperation Department of the country’s Economy Ministry Orkhan Mammadov said.
He made the remarks Oct. 20 at Azerbaijan-UAE business forum.
“Currently, 223 companies from the UAE operate in Azerbaijan, and the trade between our countries amounted to $58 million as of the end of the third quarter of 2016, which is 24 percent more than in the same period of 2015,” Mammadov said.
The representative of the economy ministry added that the economic relations between Azerbaijan and the UAE are strengthening every year.
“The two countries have established a strong legal and regulatory framework: more than 30 official documents, including the agreements on encouragement and mutual protection of investments, on avoidance of double taxation, as well as other relevant documents were signed,” he noted.
Mammadov also noted the strengthening of relations between the two countries in the tourism sector.
“Since November 2015, due to the simplification of the visa regime, the number of tourists coming from the UAE to Azerbaijan is constantly growing,” said Mammadov.
Over the first nine months of 2016, the number of foreign tourists who visited Azerbaijan amounted to 1.719,015 million persons. The number of tourists from the UAE alone increased by 34 times compared to January-September 2015.