Baku hosts the 5th meeting of Intergovernmental Commission on economy, trade and technical cooperation between Azerbaijan and United Arab Emirates (UAE).
The meeting discusses current state of relations, works carried out during the last period of the Commission’s 4th meeting and expansion of cooperation prospects.
Co-chairs of Commission are the Minister of Economy and Industry Shahin Musayev (Azerbaijan) and the Economy Minister Sultan Bin Saeed Al Mansoori (UAE).
Speaking at the meeting, Minister of Economy of the United Arab Emirates, Sultan bin Saeed Al Mansoori said Azerbaijan and the UAE could start cooperating in mutual investments.
“A promising area of cooperation between our countries is the export of various goods,” he said. “Azerbaijan has rich experience in the development of agriculture, power engineering, development of alternative and renewable energy sources. That’s why, the exchange of experience in these areas is important. We also want to start cooperating in the field of mutual investments.”
He said that the trade turnover between the two countries in 2013 amounted to $565.9 million.
Azerbaijani Minister of Economy and Industry Shahin Mustafayev said that the issue of establishing the Baku-Abu Dhabi and Baku-Dubai Cooperation Committee, as well as a joint business council is being discussed.
“Azerbaijan and the UAE have very good political and economic relations,” he said. “The previous four meetings of the Intergovernmental Commission were very fruitful. The promising areas are the cooperation in the fields of power engineering, education, ICT, expansion of trade relations, the development of alternative energy sources, as well as in the field of investments.”
Shahin Mustafayev said that the two countries formed the necessary regulatory framework for the cooperation development.
The final protocol on cooperation is expected to be signed following the meeting.