Azerbaijan , Baku, Feb. 28 /Trend, A.Akhundov, A.Tagiyeva/
Given the history of excellent trade relations between the United Arab Emirates and Azerbaijan, the volume of trade is expected to increase steadily over the years to come, UAE Minister of Foreign Trade H.E. Sheikha Lubna Al Qasimi told Trend in an interview.
"Especially since 2001, the UAE and the Republic of Azerbaijan have been maintaining a period of growing trade relations, with the latter considering the UAE as an important commercial gateway to the Gulf region. These trade relations have now created an opportunity for the private sector to explore business possibilities in both countries," Al Qasimi said.
According to Al Qasimi, during the first 10 months of 2010, the value of UAE exports to Azerbaijan stood at $20 million, re-exports amounted to $90 million, while imports were valued at $1.1 million. The total trade exchange between the two countries during this period stood at $110 million.
According to the State Statistics Committee of Azerbaijan, bilateral trade with UAE totalled $71.48 million, operations on export totalled $14.9 million, and import $56.56 million in 2010. Imports from the UAE amounted to 0.86 percent of the total volume of imports of Azerbaijan last year.
Al Qasimi said an analysis of the important trade commodities between UAE and Azerbaijan shows that the main items imported from Azerbaijan include natural/cultured pearls, precious/semi-precious stones, jewellery, aluminium and fruits, while the exported items include boats, ships, plastic, furniture, mattresses, lightings and fittings, among others. The re-export items comprise motor vehicles, tractors, spare parts/accessories, electronic items and machinery.
"The UAE and Azerbaijan have focused on bilateral cooperation in all areas, with particular attention to trade and economy, investment, energy, industry, finance, banking, tourism, agriculture transport and communications, customs and health. All of these sectors are open to Azerbaijani investors and we invite them to explore many existing opportunities, especially those that are non-oil related," Al Qasimi said.
According to Al Qasimi, the UAE and Azerbaijan have signed agreements in the areas of protection and attraction of mutual investments as well as to eliminate double taxation of income and assets. The two sides worked together to establish a joint economic commission on trade-economic and scientific-technical cooperation in 2008, which has contributed to further enhancing bilateral trade ties.
"The UAE, with its excellent infrastructure, investor-friendly policies and political stability, is undoubtedly one of the most attractive business destinations in the region. The UAE follows best global practices and creates a conducive environment for businesses to operate, and presents ample opportunities for both investors from the region and around the world," Al Qasimi said.
Foreign investors looking to set up a business in any of the industrial cities, special economic zones or free trade zones established in different emirates have access to single window licensing services that promise quick turnaround in terms of registration and visa processing. Specialised zones for technology, media, education, healthcare, finance, etc give an added dimension to the trade and commerce environment in the country, Al Qasimi underscored.
"The free zones, over 36 in number, have been set up to contribute towards growth and development, and are backed with competitive rules and regulations that are unparalleled in many other places in the world," Al Qasimi said.