UAE-Azerbaijan Economic Cooperation Expands With Focus On Renewable Energy And Innovation

The ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade, and Technical Cooperation took place in Shusha, Azerbaijan, chaired by H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, and H.E. Mikayil Jabbarov, Azerbaijani Minister of Economy. The session, attended by senior officials and representatives from both countries, aimed to bolster economic ties across multiple sectors.

The meeting highlighted the deepening economic partnership between the UAE and Azerbaijan, which spans over three decades. H.E. Bin Touq emphasized the strategic relationship, citing recent high-level visits, including President H.H. Sheikh Mohammed bin Zayed Al Nahyan’s visit to Azerbaijan in January. The visit led to the signing of memorandums of understanding (MoUs) in various sectors.

Bin Touq noted that the JIC session marked a significant step in enhancing UAE-Azerbaijan economic relations. The discussions focused on advancing cooperation in entrepreneurship, SMEs, tourism, aviation, industry, innovation, technology, agriculture, food security, logistics, culture, energy, and investment.

Key points from the session include:

• Business Environment: Bin Touq outlined the UAE’s business-friendly reforms, such as the introduction of 100% foreign ownership in companies, which led to a surge in new company registrations and overall business growth. He urged Azerbaijani businesses to leverage the UAE’s favorable policies for new ventures.
• Joint Work Teams: Both countries agreed to form joint teams to explore economic opportunities and enhance trade and investment. This includes boosting cooperation in food security, agriculture, and renewable energy, as well as improving bilateral trade relations.
• Tourism and Digitalization: The UAE and Azerbaijan plan to organize joint tourism events and explore digitalization and innovation collaborations. They aim to enhance tourism inflows and promote technological advancements through mutual cooperation.
• Energy Sector: Strengthening ties in energy and renewable energy sectors was a focal point. The JIC discussed new projects in power generation and energy efficiency workshops.
• Investment and Trade: The UAE remains Azerbaijan’s top Arab trading partner, with significant growth in non-oil trade and investments. The UAE’s investments in Azerbaijan amount to USD 1.1 billion, positioning it as a major investor in the region.

The session underscored the UAE and Azerbaijan’s commitment to fostering robust economic partnerships and sustainable development across various sectors.