UAE investments in Azerbaijan near $800M

Fri 21 April 2017 17:17 GMT | 21:17 Local Time

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The United Arab Emirates has invested $778.1 million in the Azerbaijani economy so far, Economy Minister Shahin Mustafayev said at the 6th meeting of the Azerbaijan-UAE intergovernmental commission in Dubai.

The minister added that Azerbaijan has invested $284.4 million to the UAE, the Azerbaijani Economy Ministry said Apr. 21, Trend reports.

Mustafayev said 255 UAE companies operate in Azerbaijan.

He recalled that the Baku-Dubai and Baku-Sharjah flights are currently being operated, while there is also a plan to launch the Baku-Abu Dhabi flight.

The minister stressed that after simplifying the visa regime and introducing the ASAN Visa system, the number of tourists from the UAE visiting Azerbaijan in the past two years increased by 30 times.

The meeting also discussed the possibility of establishing new enterprises in Azerbaijan with participation of UAE investors, as well as making investments in industrial parks and zones of Azerbaijan.

The Armenia-Azerbaijan Nagorno-Karabakh conflict was also discussed during the meeting. The UAE side once again stressed the unchanged position on the issue and support for the territorial integrity of Azerbaijan.

After the meeting, the two sides signed a protocol that provides for expansion of cooperation in communications and high technologies, alternative energy, industry, culture, tourism, transportation, trade, investments, agriculture, environment and other areas.

According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and the UAE amounted to almost $70 million in 2016, $11.6 million of which accounted for exports from Azerbaijan.

Trade turnover between Azerbaijan and the UAE declined by 3 percent over the year. Nevertheless, exports from Azerbaijan to the UAE increased by over twofold in the same period.

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