Azerbaijani, UAE ministers explore new directions for economic partnership in Shusha PHOTO

Co-chairmen of the Joint Intergovernmental Commission on Economic, Trade and Technical Cooperation between the Governments of the Republic of Azerbaijan and the United Arab Emirates Minister of Economy Mikayil Jabbarov and UAE Minister of Economy Abdulla bin Tugh Al-Marri met in Shusha.

Relations between Azerbaijan and the UAE are based on the principles of mutual friendship and respect, and the important role of political will of the heads of state of the two countries in the development of cooperation was emphasised at the meeting, Caliber.Az reports, citing the press service of the Ministry of Economy.

It was noted that mutual visits and discussions play a special role in determining new directions of bilateral relations. It was informed that the 9th session of the Azerbaijan-UAE Joint Intergovernmental Commission being held today in Shusha, the activity of the Trade Representation of Azerbaijan in the UAE and the Trade House of Azerbaijan in Dubai serve the development of business ties.

At the bilateral meeting, the sides noted the existing great potential for the development of cooperation, stressed the importance of further increasing the volume of mutual trade turnover and diversifying its structure. The sides discussed potential investment projects in the spheres of "green energy" and tourism, as well as the progress of negotiations on signing the Comprehensive Economic Partnership Agreement between Azerbaijan and the UAE.

Then the 9th session of the Joint Intergovernmental Commission on Economic, Trade and Technical Cooperation between the Governments of the Republic of Azerbaijan and the United Arab Emirates was held.

Speaking at the meeting, Minister of Economy of Azerbaijan, co-chairman of the intergovernmental commission Mikayil Jabbarov noted the successful development of partnership between Azerbaijan and the UAE both in interstate and business circles. The Minister emphasised the growth of trade turnover between the countries and the positive results of joint initiatives.

The participants of the event were informed about the favourable business and investment environment created in our country, the activity of industrial zones and the Alyat Free Economic Zone, and the "open door" policy for foreign investors. Investors from the UAE were invited to take advantage of the applied investment support mechanisms and participate in the implementation of joint projects.

UAE Minister of Economy, Co-Chairman of the Commission Abdulla bin Tugh Al-Marri expressed satisfaction with the visit to Azerbaijan and organisation of the Commission's meeting in Shusha. The Minister stressed that the country has achieved great development, emphasised the significant energy, transport and logistics projects implemented on Azerbaijan's initiative. Confidence was expressed that the measures implemented to strengthen multilateral cooperation between the two countries will contribute to the implementation of new joint projects and development of trade and economic relations.

The sides also discussed the strengthening of bilateral partnership, implementation of joint initiatives in green energy and other areas, and potential areas of cooperation under COP29.

A final protocol has been signed following the 9th meeting of the Azerbaijan-UAE Joint Intergovernmental Commission on Economic, Trade and Technical Cooperation. The document was signed by co-chairmen of the intergovernmental commission - Azerbaijani Economy Minister Mikayil Jabbarov and UAE Economy Minister Abdulla bin Tugh Al-Marri. The document envisages expansion of cooperation in trade and investment, support for small and medium-sized businesses, innovation and digitalisation, energy, including green energy, industry, agriculture, food security, environmental protection, land reclamation and water management, transport and logistics, communications and high technology, science and education, tourism, healthcare, culture and others.