Azerbaijan prioritises Gulf countries in attracting investments in Karabakh

Attracting additional investments to Karabakh and East Zangazur from the Persian Gulf countries is a priority, said the Azerbaijani MP, Vugar Bayramov, according to Azertag.

The parliamentarian noted that economic relations between Azerbaijan and the United Arab Emirates (UAE) have expanded in recent years.

“Along with an increase in trade turnover between the two countries, there has also been an increase in investments. In 2021, bilateral trade turnover increased by 20.3 per cent compared to the previous year - up to $50.4 million. During 2022, there was a more serious increase in mutual trade. Thus, the trade turnover totalled $90.4 million in the first 10 months of the year,” he said.

“In November 2022, export and import operations were carried out for another $4.2 million, bringing the total trade volume for 11 months to $94.6 million. The trade turnover between the two countries from January to November 2022 was 87.6 per cent higher than for the entire year 2021. This once again confirms the growing dynamics of the relations.”

"The UAE is one of the countries particularly active in renewable energy in Azerbaijan. Further strengthening of relations in this area is expected. At the same time, the involvement of UAE entrepreneurs in investments in liberated territories is one of the important areas. There is great potential for further development of cooperation between Azerbaijan and the UAE in various areas. In this regard, current visit by Azerbaijan’s president will serve to further deepen economic ties between the two countries. The meetings held and agreements reached during the visit will allow making better use of the existing potential," the MP concluded.