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UAE eyes to increase mutual investments with Azerbaijan in new areas of economy

Business Materials 30 July 2020 14:17 (UTC +04:00)
UAE eyes to increase mutual investments with Azerbaijan in new areas of economy

BAKU, Azerbaijan, July 30

By Leman Zeynalova – Trend:

The United Arab Emirates (UAE) targets to increase mutual investments with Azerbaijan in new areas of economy, Mohamed Alqubaisi, Ambassador of the United United Arab Emirates in Azerbaijan, told Trend.

“Both the United Arab Emirates and Azerbaijan are very well known for their hydrocarbon reserves. Both have vast successful experience in this sphere. I suppose, we need to focus on the areas, which can give opportunities for new experiences such as agriculture or innovative technologies. As esteemed Minister of Economy of the Republic of Azerbaijan underlined in his speech at the UAE National Day event last year, the UAE invested 2.2 billion USD into Azerbaijan’s economy and Azerbaijan invested 347 million USD into the UAE economy. So, we target to increase these figures in new areas of economy for the benefit of our friendly nations,” said the envoy.

He noted that Azerbaijan is a rapidly developing country with a favorable business environment.

“It is a country, where a number of international mega-projects are implemented. Its location effectively makes Baku the Dubai Chamber of Commerce and Industry’s gateway to other countries that are found in the Region such as CIS countries, Central Asia as well as to some European countries. Additionally the Dubai Chamber of Commerce and industry has made it possible for Azerbaijani businessmen and establishments to easily access economic prospects that are available in the United Arab Emirates as well as in the Middle East and North Africa. We are successfully developing the mutual tourism and services. Moreover, we are seeking for new efforts and activities of the business communities. Based on that in order to find untapped potential, I, as the Ambassador of the United Arab Emirates to Azerbaijan, initiated an annual productive platform of meetings and networking named the UAE-Azerbaijan Trade Majlis,” said Alqubaisi.

He pointed out that the Embassy is committed to create necessary conditions to assist the businessmen from both sides to meet and explore the opportunities aiming to buttress and boost the cooperation between the two countries.

“And the Embassy thanks His Highness President Ilham Aliyev for His support to us in this area, also we express our gratitude to the Azerbaijani Government and all relevant authorities,” Alqubaisi said.

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