Ninth UAE-Azerbaijan Joint Intergovernmental Commission Session Held in Shusha

Shusha, The Gulf Observer: The ninth session of the UAE-Azerbaijan Joint Intergovernmental Commission (JIC) for Economic, Trade, and Technical Cooperation convened in the historic city of Shusha. The session was co-chaired by Abdullah bin Touq Al Marri, UAE Minister of Economy, and Mikayil Jabbarov, Minister of Economy of Azerbaijan. Attendees included senior officials and representatives from both government and private sectors.

During the meeting, the UAE and Azerbaijan reinforced their commitment to expanding their economic partnership across various sectors, including entrepreneurship, SMEs, new economy, tourism, aviation, industry, innovation, technology, agriculture, food security, logistics, culture, energy, renewable energy, and investment.

Minister Abdullah bin Touq Al Marri highlighted the enduring and strategic relations between the UAE and Azerbaijan, which have developed over more than three decades through frequent high-level exchanges. He referenced the recent visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to Azerbaijan in January, which saw the signing of several MoUs in areas of mutual interest.

“The latest JIC session marks a significant milestone in enhancing the economic ties between our nations. We discussed key sectors vital for the sustainable development of both economies and explored new avenues for collaboration,” stated Al Marri. He also showcased the UAE’s robust business environment, underpinned by legislative amendments allowing 100% foreign ownership, resulting in the registration of over 275,000 new companies within a year and a half, pushing the total to over 788,000 by the end of 2023.

Al Marri encouraged the Azerbaijani private sector to take advantage of the UAE’s flexible and competitive business policies, which include revamped visa and residency systems and new pathways for self-employment and green residency. He emphasized the UAE’s dedication to sustainable economic growth through the ‘UAE Circular Economy Agenda 2031,’ aimed at enhancing sustainability over the next decade.

The session resulted in an agreement to establish joint work teams from relevant entities on both sides to explore further economic collaboration in priority sectors. These teams will support exporters and importers, facilitating and diversifying the exchange of goods and services. Given the UAE’s role as a vital trade gateway, the discussions also focused on investment opportunities in the food and manufacturing industries and the creation of new communication channels between the business communities of both countries.

The two sides deliberated on programs and initiatives to support startup growth and investment opportunities in new markets. They stressed the importance of encouraging SME owners and entrepreneurs to invest in new economy sectors, thereby increasing their contributions to the GDP of both nations.

In tourism, the UAE and Azerbaijan expressed their intent to organize joint exhibitions, events, and conferences to showcase their diverse tourism offerings, supported by over 185 monthly flights connecting the two countries via UAE’s national carriers.

The session also covered strengthening cooperation in digitalization, innovation, and technology, with an emphasis on developing an innovative ecosystem and collaborative efforts in AI and innovative solutions.

Food security and agricultural cooperation were addressed, focusing on increased trade in food products and agricultural goods. Energy and renewable energy cooperation were also key topics, with discussions on launching new projects and organizing workshops on energy efficiency.

The UAE remains Azerbaijan’s top trading partner in the Arab world, accounting for 40% of its trade with the region. In 2023, non-oil trade between the two countries exceeded $1.64 billion, marking a 68% growth from 2022. Preliminary figures indicate a further rise in non-oil trade from January to April 2024, reaching $617 million, a 62% increase compared to the same period in 2023.

UAE investments in Azerbaijan were estimated at $1.1 billion by the end of 2022, making the UAE the largest Arab and seventh largest global investor in Azerbaijan. Azerbaijani investments in the UAE totaled over $210 million as of the end of 2021.